Anjie Securities: the number of customers of Jingdong continues to grow, and the multi line business is comprehensively improved

According to the report released by Anjie securities, Jingdong (09618-hk) recently released 2q20a financial report, and the company’s revenue reached 2010.05 billion yuan (year-on-year + 33.8%, month on month + 37.5%, the same below), with a year-on-year growth rate of 5.5% higher than the market expectation, of which commodity income and service income increased by 33.5% and 36.4% respectively to 178.19 billion yuan and 22.87 billion yuan. Benefited from the expansion of market share of some categories and the prominent overall scale effect under high economic leverage of the company, the company achieved a net profit of 5.91 billion yuan (year-on-year + 66.1% and month on month basis + 98.9%) after non GAAP adjustment, which exceeded the market expectation by 51.3%, and the net profit rate after non GAAP adjustment was 2.9%, a quarterly high since 19 years.

Kwai Tong secled the market through the “Jingdong seckill” plus “Jing Xi” double entrance to dig down the market users, the online and offline distribution advantages and the extensive supply chain cooperation with the fast broadcast and other live broadcast ecosystems. The annual number of active users increased significantly, from 30 million at the end of the 1 quarter of 2020 to 417 million at the end of the 2 quarter of 2020, 30 million people grew, and the number of days was active. The number of households / annual number of active users increased by 7.7% compared with the same period last year, indicating that the activity of platform users continued to increase. The marketing expense of 2q20a company is 6.8 billion yuan, and the cost of single user customer acquisition is 63.3 yuan / person, which is higher than 45.7 yuan / person of 1q20a and 51 yuan / person of 1q19a. < p > < p > from January to July 2020, the total retail sales of consumer goods in China totaled 20445.9 billion yuan, a year-on-year decrease of 9.9%. Among them, online retail sales of physical goods reached 5101.8 billion yuan, a year-on-year increase of + 15.7%. New infrastructure such as line g, cloud computing, big data and artificial intelligence will accelerate the digital transformation of retail. Anjie Securities believes that China’s consumer market will continue to inject new growth momentum. The net income of electronic products and household appliances was 114.14 billion yuan, with a year-on-year growth of + 27.6%. Compared with the impact of 1q20a, the growth rate rebounded. The sales revenue of daily necessities was 64.04 billion yuan, with a year-on-year growth of + 45.4%, with a growth rate of nearly six quarters. The sales of fresh and fast-selling products were in rapid volume. In the service and other income, the platform and advertising service revenue was 14.05 billion yuan, with a year-on-year growth of + 26.9%; the logistics and other services revenue was 8.81 billion yuan, with a year-on-year growth of + 55%. The management of the company indicated that the advertising activity had obviously recovered in the second quarter compared with that in the first quarter. However, due to the resumption time of the third-party merchants in early May, the growth of commission income slowed down the growth of the overall platform and advertising service income, Agilent securities expects that with the company’s investment in advertising digital technology and new advertising products, the growth of platform and advertising service revenue will continue to maintain.