麦格理-中概股-互联网行业（个股-京东）-京东利润有望扩大

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1、UNITEDSTATESJD.comJDUSOutperformPromisedmarginexpansionPrice(at23:00,11Nov2017GMT)US$39.80ValuationUS$51.00Event-EVtosales3Q17non-GAAPnetprofitforJD.comcameinatRmb2.2bn,130%aheadof12-monthtargetUS$51.00ourestimate,primarilyonrobustmarginexpansion.Managementispromisin

2、g12-monthTSR%+28.1tocontinueimprovingmarginonafull-yearbasisoverthenextfewyears,andGICSsectorRetailingweprojectFY17/18non-GAAPNPMimprovementof0.6pptsYoYeachyearMarketcapUS$m56,647to1.4%/2.0%.WhileJDiscurrentlyfacingheadwindsintheapparelbusiness,30-dayavgturnoverUS$m57

3、7.9with100+domesticbrandsleavingtheplatform,thecompanyisdeterminedtoNumbersharesonissuem1,423revampthebusiness,supportedbythegrowingfemalecustomerbase.AfterInvestmentfundamentalsyearsofinvestment,thecompany’slogisticnetworkistocover100%ofYearend31Dec2016A2017E2018E201

4、9EChina’scountiesandvillagesbyend-2017,whichshouldfacilitatetherolloutRevenuebn258.3361.3465.8563.7EBITbn4.64.99.814.4ofitsXintonglu/ZGB.WemaintainourOPratingandtargetpriceofUS$51,Reportedprofitbn-3.80.04.18.2whichisbasedon1.0xFY18EEV/sales.Adjustedprofitbn3.45.09.414

5、.0Grosscashflowbn6.910.116.220.8ImpactCFPSRmb4.906.9411.0214.00CFPSgrowth%230.941.658.727.0Strongearningsbeatonmarginexpansion.3Q17revenueincreased39%PGCFPSx53.938.124.018.9YoYtoRmb83.7bn,inlinewithourandtheconsensusestimates.GrossEPSadjRmb2.433.476.419.42EPSadjgrowt

6、h%nmf42.984.847.0marginimproved1.2pptsYoYand1.9pptsQoQto15.5%,aheadofourandPERadjx108.876.241.228.0themarket’sexpectations.AsGPMexpansiontrickleddown,non-GAAPTotalDPSRmb0.000.000.000.00Totaldivyield%0.00.00.00.0operatingprofitgrew171%YoYtoRmb1.5bn,40%aboveourforecast.

7、Non-ROA%3.82.95.16.6GAAPnetprofitcamein130%aboveourestimate,atRmb2.2bn,upbyaROE%9.510.817.623.4substantial359%YoY.Duringthe1–11Novpromotion,JDgeneratedanEV/EBITDAx45.235.821.116.8Netdebt/equity%-16.3-48.7-51.1-58.3Rmb127bnGMV,up50%YoY;thecompanyisguidingto4QrevenueofP

8、/BVx9.17.36.86.0Rmb107–110bn(up35–39%YoY),inlinewithconsensus.JDUSvsS&P500,&rechistoryMarginsettoimprove.CEORichardLiuiscon