京东集团-SW以旧换新利好持续，看好中长期利润改善空间，上调至“买入”评级

浦银国际证券11-21 09:16

以旧换新推动核心品类数码家电回暖，“双十一”购物用户同比增长20%：公司3Q24收入为人民币2604亿元，同比增长5.1%，基本符合市场预期。商品收入同比增长4.8%，其中核心品类数码家电同比增长2.7%，恢复正增长，主要受益于全国各地以旧换新政策利好推动。且三季度同比增速逐月提升，利好在四季度仍将延续；日用百货收入同比增长8.0%，其中超市类、服装类、运动和户外或时尚类收入均实现了同比两位数增长...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2485396100?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-11-21 09:16","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2485396100","market":"hk","top_or_hot":-1,"title":"京东集团-SW以旧换新利好持续，看好中长期利润改善空间，上调至“买入”评级","media":"浦银国际证券","content":"<div>\n<p>以旧换新推动核心品类数码家电回暖，“双十一”购物用户同比增长20%：公司3Q24收入为人民币2604亿元，同比增长5.1%，基本符合市场预期。商品收入同比增长4.8%，其中核心品类数码家电同比增长2.7%，恢复正增长，主要受益于全国各地以旧换新政策利好推动。且三季度同比增速逐月提升，利好在四季度仍将延续；日用百货收入同比增长8.0%，其中超市类、服装类、运动和户外或时尚类收入均实现了同比两位数增长...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241121095039a249f897&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>京东集团-SW以旧换新利好持续，看好中长期利润改善空间，上调至“买入”评级</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n京东集团-SW以旧换新利好持续，看好中长期利润改善空间，上调至“买入”评级\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-21 09:16 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241121095039a249f897&s=b><strong>浦银国际证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>以旧换新推动核心品类数码家电回暖，“双十一”购物用户同比增长20%：公司3Q24收入为人民币2604亿元，同比增长5.1%，基本符合市场预期。商品收入同比增长4.8%，其中核心品类数码家电同比增长2.7%，恢复正增长，主要受益于全国各地以旧换新政策利好推动。且三季度同比增速逐月提升，利好在四季度仍将延续；日用百货收入同比增长8.0%，其中超市类、服装类、运动和户外或时尚类收入均实现了同比两位数增长...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241121095039a249f897&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"09618","symbol_name":"京东集团-SW","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241121095039a249f897&s=b","article_id":"2485396100","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241121095039a249f897&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2485396100","pubTimestamp":1732151765,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"季度活跃用户数连续四个季度同比增长两位数，保持健康增长，仍有提升空间。双十一期间京东购物用户数同比增长超20%，京东采销直播订单量同比增长3.8倍，增长强劲，我们预计四季度公司收入同比增长5.7%。其中京东零售经营利润率同比改善2.6pp至5.2%；京东物流经营利润率同比提升4.0pp至4.7%，环比略有下滑。考虑到公司核心品类受益于以旧换新政策利好推动以及中长期利润率仍有改善空间，上调至“买入”评级。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"89618":"京东集团-SWR","09618":"京东集团-SW"},"translate_title":"Jingdong Group-SW's trade-in benefits continue, optimistic about the room for medium and long-term profit improvement, upgraded to \"buy\" rating","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.9,"09618":1},"content_text":"以旧换新推动核心品类数码家电回暖，“双十一”购物用户同比增长20%：公司3Q24收入为人民币2604亿元，同比增长5.1%，基本符合市场预期。商品收入同比增长4.8%，其中核心品类数码家电同比增长2.7%，恢复正增长，主要受益于全国各地以旧换新政策利好推动。且三季度同比增速逐月提升，利好在四季度仍将延续；日用百货收入同比增长8.0%，其中超市类、服装类、运动和户外或时尚类收入均实现了同比两位数增长，成为主要增长驱动。季度活跃用户数连续四个季度同比增长两位数，保持健康增长，仍有提升空间。双十一期间京东购物用户数同比增长超20%，京东采销直播订单量同比增长3.8倍，增长强劲，我们预计四季度公司收入同比增长5.7%。四季度利润或保持平稳，中长期仍有改善空间：三季度毛利率为17.3%，同比提升1.7pp，环比提升1.5pp，再创新高；调整后净利润同比增长24%至132亿元，高于市场预期，调整后净利率为5.1%，同比提升0.8pp。其中京东零售经营利润率同比改善2.6pp至5.2%；京东物流经营利润率同比提升4.0pp至4.7%，环比略有下滑。考虑到四季度公司在市场推广的投入，我们认为利润或整体保持平稳，全年来看利润将实现双位数增长。我们看好利润率中长期仍有进一步改善空间，预计公司未来高个位数利润率的长期目标能够实现，主要得益于规模效益的持续推动、产品组合不断优化，以及3P贡献的提升。上调至“买入”评级及目标价162港元/42美元：我们略微上调公司2024E/2025E收入预测0.4%和0.3%，上调目标价至162港元/42美元，对应FY24E年10x P/E。考虑到公司核心品类受益于以旧换新政策利好推动以及中长期利润率仍有改善空间，上调至“买入”评级。公司三季度回购总额约3.9亿美元，前三季度累计回购36亿美元(约合8.1%股份)。投资风险：消费复苏进度；行业竞争或加剧；加大投入导致利润率不及预期。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485396100"}