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JD.com, Inc. Class A (HK:9618)
:9618
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JD.com, Inc. Class A
(9618)
74Outperform
Positive Factors
Earnings and Profitability
Improved operating efficiency in JD's retail and logistics businesses is expected to lift adjusted earnings significantly.
Growth and Expansion
Category expansion into high-growth areas such as groceries and healthcare is expected to drive future growth for JD.com.
Logistics and Infrastructure
JD.com's self-developed fulfillment and logistics infrastructure enhances its ability to offer a superior customer experience, making it stand out among peers.
Negative Factors
Economic Environment
The stock valuation reflects a cloudy macro-outlook and challenges from irrational market competition in new segments and lower-tier cities.
Macroeconomic Outlook
The macroeconomic outlook remains uncertain, contributing to a more conservative valuation of JD.com's core retail business.
Market Competition
Irrational market competition in new segments and lower-tier cities impacts JD.com's stock valuation.
JD.com, Inc. Class A (9618) vs. S&P 500 (SPY)
Market Cap
HK$377.09B
Dividend Yield2.95%
Average Volume (3M)16.13M
Price to Earnings (P/E)9.1
Beta (1Y)1.67
Revenue Growth4.83%
EPS Growth76.96%
CountryHK
Employees570,895
SectorConsumer Cyclical
Sector Strength58
IndustrySpecialty Retail
Share Statistics
EPS (TTM)3.98
Shares Outstanding2,587,296,600
10 Day Avg. Volume18,976,540
30 Day Avg. Volume16,128,855
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$195.40Price Target Upside48.59% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
JD.com, Inc. Class A Business Overview & Revenue Model
Company DescriptionJD.com, Inc. provides supply chain-based technologies and services in the People's Republic of China. The company offers computers, communication, and consumer electronics products, as well as home appliances; and general merchandise products comprising food, beverage and fresh produce, baby and maternity products, furniture and household goods, cosmetics and other personal care items, pharmaceutical and healthcare products, books, automobile accessories, apparel and footwear, bags, and jewelry. It also provides online marketplace services for third-party merchants; marketing services; and omni-channel solutions to customers and offline retailers, as well as online healthcare services. In addition, the company develops, owns, and manages its logistics facilities and other real estate properties to support third parties; and provides asset management services for logistics property investors. Further, it provides integrated data, technology, business, and user management industry solutions to support the digitization of enterprises and institutions. The company was formerly known as 360buy Jingdong Inc. and changed its name to JD.com, Inc. in January 2014. JD.com, Inc. was incorporated in 2006 and is headquartered in Beijing, the People's Republic of China.
How the Company Makes MoneyJD.com makes money primarily through its online retail operations. The company generates revenue by selling products directly to consumers via its e-commerce platform. A significant portion of its earnings comes from its self-operated retail business, where JD.com purchases inventory from suppliers and sells it to customers. Additionally, JD.com earns revenue from third-party marketplace services, where it allows third-party sellers to list their products on its platform in exchange for a commission on sales. JD.com also benefits from its logistics and fulfillment services, which provide supply chain solutions to both internal and external clients. Furthermore, JD.com has strategic partnerships and investments in areas such as technology, healthcare, and finance, which contribute to its overall revenue.
JD.com, Inc. Class A Financial Statement Overview
Summary
JD.com exhibits strong revenue growth and profitability. The balance sheet is robust with a low debt-to-equity ratio and high ROE, providing stability. However, cash flow management shows areas for improvement, particularly in effectively managing cash flows.Income Statement
JD.com exhibits strong revenue growth with a 6.84% increase from 2023 to 2024. The gross profit margin for 2024 is 9.79%, and the net profit margin is 3.57%, reflecting solid profitability. The EBIT margin improved to 3.34%, indicating effective cost management. Overall, JD.com demonstrates a healthy growth trajectory and profitability, though the gross profit margin remains moderate.―
Balance Sheet
The company's balance sheet is robust with a debt-to-equity ratio of 0.37, indicating prudent use of leverage. The equity ratio stands at 34.27%, showcasing a strong equity base. Return on Equity (ROE) is impressive at 17.28%, reflecting efficient use of equity to generate profits. JD.com's balance sheet stability is a significant strength, supporting its growth strategy.84
Cash Flow
JD.com's cash flow metrics are mixed. The operating cash flow to net income ratio is unavailable for 2024 due to missing data. However, historical free cash flow growth has been positive, with a 10.35% increase from 2022 to 2023. The reliance on cash reserves is evident, with free cash flow to net income ratio being a key metric to watch moving forward.―
| Breakdown | ||||
| Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 1.08T | 1.05T | 951.59B | 745.80B | 576.89B | Gross Profit |
| 159.70B | 147.07B | 129.07B | 109.11B | 84.42B | EBIT |
| 26.02B | 19.72B | 3.37B | 44.23B | 4.70B | EBITDA |
| 42.82B | 25.58B | 4.87B | 16.76B | 10.94B | Net Income Common Stockholders |
| 24.17B | 10.38B | -4.47B | 49.41B | 12.19B |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 190.15B | 219.96B | 185.33B | 146.66B | 61.57B | Total Assets |
| 628.96B | 595.25B | 496.51B | 422.29B | 259.72B | Total Debt |
| 68.43B | 65.05B | 34.14B | 31.55B | 18.77B | Net Debt |
| -3.46B | -13.82B | -36.63B | -54.53B | -18.20B | Total Liabilities |
| 332.58B | 321.13B | 249.72B | 200.67B | 159.10B | Stockholders Equity |
| 231.86B | 213.37B | 208.91B | 187.54B | 81.86B |
| Cash Flow | Free Cash Flow | |||
| 39.51B | 35.84B | 23.74B | 34.87B | 21.27B | Operating Cash Flow |
| 59.52B | 57.82B | 42.30B | 42.54B | 24.78B | Investing Cash Flow |
| -59.54B | -54.03B | -74.25B | -57.81B | -25.35B | Financing Cash Flow |
| -5.81B | 1.18B | 19.50B | 71.07B | 2.57B |
JD.com, Inc. Class A Technical Analysis
Negative
131.50
Price Trends
149.82
Negative
146.37
Negative
135.33
Negative
Market Momentum
-6.17
Negative
41.58
Neutral
63.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9618, the sentiment is Negative. The current price of 131.5 is below the 20-day moving average (MA) of 134.72, below the 50-day MA of 149.82, and below the 200-day MA of 135.33, indicating a bearish trend. The MACD of -6.17 indicates Negative momentum. The RSI at 41.58 is Neutral, neither overbought nor oversold. The STOCH value of 63.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9618.
JD.com, Inc. Class A Risk Analysis
JD.com, Inc. Class A disclosed 111 risk factors in its most recent earnings report. JD.com, Inc. Class A reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
JD.com, Inc. Class A Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | HK$2.36T | 17.61 | 11.98% | 0.79% | 3.92% | 27.80% | |
78 Outperform | HK$230.74B | 13.87 | 27.71% | ― | 9.84% | 142.09% | |
76 Outperform | HK$2.07B | 4.08 | 21.39% | 11.47% | 10.84% | 5.62% | |
74 Outperform | HK$377.09B | 9.06 | 17.58% | 2.95% | 4.83% | 76.96% | |
61 Neutral | $6.58B | 11.81 | 3.06% | 3.99% | 2.54% | -21.54% |
* Consumer Cyclical Sector Average
Performance Comparison
HK:9618
JD.com, Inc. Class A
130.90
8.38
6.84%
MPNGF
Meituan
17.40
2.17
14.25%
XIACF
Xiaomi
6.67
4.18
167.87%
HK:9616
Neusoft Education Technology Co. Limited
3.34
0.55
19.71%
HK:9988
Alibaba Group Holding Ltd.
121.30
46.13
61.37%
HK:1024
Kuaishou Technology Class B
53.05
-4.80
-8.30%
JD.com, Inc. Class A Earnings Call Summary
Earnings Call Date:Mar 06, 2025
(Q4-2024)
| % Change Since: -18.28%|
Next Earnings Date:May 13, 2025
Earnings Call Sentiment Positive
JD.com delivered strong financial performance with significant growth in major categories and user engagement, alongside increased shareholder returns. However, the new business segment experienced a decline, and there were temporary impacts on home appliance sales.Q4-2024 Updates
Positive Updates
Record Double-Digit Growth in Q4
In Q4, JD.com delivered strong operational and financial results with top-line growth accelerating back to double digits year-on-year and healthy bottom-line expansion. Electronics and home appliances category revenues grew by 16% year-on-year.
General Merchandise Growth
General merchandise continued its strong performance in Q4, with revenue growth accelerating to 11% year-on-year, driven by improvements in supply chain capabilities and user engagement.
User Base and Engagement Expansion
JD.com saw double-digit growth in quarterly active customers for five consecutive quarters, with user shopping frequency also increasing year-on-year.
Increased Shareholder Returns
JD.com approved an annual cash dividend for 2024 of $0.5 per ordinary share, a 32% year-on-year increase, and repurchased 8.1% of its shares outstanding.
AI and Robotics Adoption
JD.com is leveraging AI in marketing, customer service, and logistics to improve operational efficiency and user experience.
Negative Updates
New Business Segment Decline
Revenues for JD.com's new business segment saw a year-on-year decline of 31% in Q4 and 28% for the full year of 2024, largely due to adjustments in the Jingxi business.
Temporary Impact on Home Appliance Sales
Home appliance sales were temporarily affected early in the year due to sales being pulled forward to the end of 2024, though there was a month-on-month acceleration in Q1.
Company Guidance
In the earnings call for JD.com's fourth quarter and full year 2024, the company reported a strong set of operational and financial results, with full-year total revenues rising by 7% year-on-year. The non-GAAP net margin reached 4.1%, indicating healthy bottom-line expansion. Notably, the electronics and home appliances category witnessed a 16% year-on-year revenue growth, while the general merchandise category grew by 11% in Q4. The company's supermarket business maintained double-digit year-on-year growth for four consecutive quarters, driven by improvements in supply chain capabilities. JD.com also reported a 13% year-on-year increase in marketplace and marketing revenues during Q4. The company's focus on enhancing user growth and engagement resulted in the fifth consecutive quarter of double-digit growth in quarterly active customers. JD Logistics revenues increased by 10% year-on-year for both Q4 and the full year, with a non-GAAP operating margin of 3.5%. Additionally, the company announced a 32% year-on-year increase in its annual cash dividend, amounting to approximately $1.5 billion, and repurchased 8.1% of its shares in 2024. JD.com is optimistic about the opportunities in 2025, driven by government stimulus policies and continued investments in user experience and AI adoption.JD.com, Inc. Class A Corporate Events
JD.com Announces Board Meeting and First Quarter 2025 Results Release
Apr 25, 2025
JD.com, Inc. has announced that its board of directors will hold a meeting on May 13, 2025, to approve the unaudited quarterly results for the first quarter of 2025. The results will be released after the Hong Kong Stock Exchange trading hours and before the U.S. market opens. A conference call will be held later that day to discuss the financial results, providing stakeholders with insights into the company’s performance.
JD.com Files Ownership Report on Dada Nexus
Apr 1, 2025
JD.com, Inc. announced the filing of a Schedule 13D/A with the U.S. Securities and Exchange Commission regarding its beneficial ownership in Dada Nexus Limited. This regulatory announcement highlights JD.com’s strategic interest in Dada Nexus, potentially impacting its market positioning and stakeholder interests.
JD.com to Announce 2024 Financial Results
Feb 20, 2025
JD.com, Inc. has announced that its board of directors will hold a meeting on March 5, 2025, to approve its unaudited results for the three months and fiscal year ending December 31, 2024, and discuss potential dividend payments. The results will be released on March 6, 2025, and a conference call will follow to discuss the financial details. This announcement is crucial for stakeholders as it provides insights into the company’s financial health and future strategic decisions.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.