(电子商务研究中心讯) 1q17收入同比增长41%至760亿人民币,比我们的估计/共识,3%以上的公司指导高5% / 4%1q17非GAAP净收入环比飙升133%至rmb1.46bn规模和提高利润率;1q17是1.03美元,非GAAP epads我们修改了我们的fy17 / 18e非GAAP收入126% / 68% 1.9% / 2.8%高的非GAAP OPM(前1.2% / 1.6%)1q17 GAAP每股收益转为正值;强2q17指南强大的1q17 revenuewasdriven 1P和3P gmvand 3p采取率高。1q17net服务收入等同比增长62%(4q16:58 %),主要驱动三便士的动议的平台,广告收入和JD金融。总gmvgrew42同比%(4q16:46 %)。3p gmvgrowth持续超过1p与同比增长44%(4q16:47 %)为760亿人民币,2q17指导,净收入预计将rmb88bn到rmb90.5bn,或35-39 %的同比增长,或33-37%同比没有JD金融。JD财务处理预计将在mid-2017e.1q17操作/净利润转正为rmb843mn / rmb239mn从rmb506mn / -rmb1.72bn在4q16。
边际扩张再加速,长期增长完好
我们重申我们在3月1日JDinitiation的报告:“扣了结构性扩张性增长。我们werebullish在JD的长期前景和盈利增长轨迹。我们expectedsecular增长其1P和3P平台。此外,我们所说的毛利率将进入一个结构性扩张阶段。”JD的非GAAP毛利率同比或环比增加1.8pp 0.8pp 15.7%高3p采取率(8.5% vs 7.5% 1q17 1Q16和7.7% 4q16)和更广泛的1p边缘对规模经济和对供应商的议价能力更强。我们的投资研究开始反思JD的1q17数和有可能进一步发挥在未来几个季度对迅速增长的规模在所有产品和提高operatingleverage。
保持我们看好JD的增长轨迹
我们维持买入评级的41to街tplifted美元高50美元,基于DCF估值,这意味着1.5x fy17e P / S博士在1.05x fy17e P/S VS亚马逊(AMZN美国)交易的2.7xand唯品会(贵宾美国)的0.8x.catalysts:1)在快速消费品和家用电器的更快增长;2)保证金膨胀得益于规模效益和strongerbargaining功率。
1Q17 revenue grew 41% YoY to RMB76bn, 5%/4% higher than our estimates/consensus and 3% above company guidance
1Q17 non-GAAP net income surged 133% QoQ to RMB1.46bn on scale and improved margins; 1Q17 non-GAAP EPADS were US$1.03
We revised up our FY17/18E non-GAAP earnings by 126%/68% on higher non-GAAP OPM of 1.9%/2.8% (previous 1.2%/1.6%)
1Q17 GAAP earnings turned positive; strong 2Q17 guide
Robust 1Q17 revenuewasdriven by both 1P and 3P GMVand higher 3P take rate. 1Q17net revenues from services and others were up 62% YoY (4Q16:58%), mainly driven by 3P platform, advertising revenue and JD finance.Gross GMVgrew42% YoY (4Q16:46%). 3P GMVgrowth continued to outpace 1P with YoY growth of 44% (4Q16:47%)to RMB76bn.On 2Q17 guidance, net revenue is expected to be RMB88bn to RMB90.5bn, or 35-39% YoY growth, or 33-37% YoY without JD Finance.Disposal of JD Finance is expected to close in mid-2017E.1Q17 operating/net profit turned positive to RMB843mn/RMB239mn from -RMB506mn/-RMB1.72bn in 4Q16.
Margin expansion re-accelerates; secular growth intact
As we re-iterated in our JDinitiation report on Mar 1:“Buckle up for the structural expansionary growth ahead. We werebullish on JD’s long-term prospect and earnings growth trajectory. We expectedsecular growth for both its 1P and 3P platforms. Moreover, we said gross margin will enter a structural expansion phase.”JD’s non-GAAP gross margin increased 1.8pp YoY or 0.8pp QoQ to 15.7%on higher 3P take rate (8.5% in 1Q17 vs 7.5% in 1Q16 and 7.7% in 4Q16) and wider 1P margin on economies of scale and stronger bargaining power to suppliers.Our investment thesisis starting toreflect on JD’s 1Q17 numbers and is likely to further play out in the coming quarters on rapidly growing scale across all product categoriesand improving operatingleverage.
Keep our bullish view on JD’s growth trajectory; BUY
We maintain BUY rating with TPlifted fromUS$41to street-high US$50, based on DCF valuation, implying 1.5x FY17E P/S. JD is trading at 1.05x FY17E P/S vs Amazon (AMZN US) of 2.7xand VIPshop (VIPS US) of 0.8x.Catalysts: 1) Faster growth in FMCG and home appliances;and2) margin expansion fueled by scale benefit and strongerbargaining power.(来源:招商证券;编选:中国电子商务研究中心)