JD's revenue continued to collapse in the previous quarter, but profits were still very good. I have a feeling that the revenue growth rate of Internet companies has all slowed down, but profit is getting faster by one. Internet companies are squeezing their operations slightly. At the same time, after the cost of grabbing traffic from each other has been reduced, net profit has mostly performed well under “cost reduction and efficiency.”
First, let's talk about the conclusion: I really think that JD is facing too much competition. Liu Qiangduo himself emphasized, “Retail first is cheap, and cheap is the previous one. If there is no cheapness, everything else is 0.” However, JD has been making a bargain for a few years, and the “surprise” and “10 billion subsidy” have not threatened Pinduoduo in the slightest. From this perspective, this company still cannot be viewed. In other words, if they can beat him, it's hard for him to beat them back; the situation has gone downhill.
Of course, the valuation is very low. After yesterday's rise, static PE was 326.092 billion yuan, 9 times PE (under nongaap, strictly necessary to deduct equity incentive expenses, but the company also has a lot of money (assets, definitely worth it), so it's really low).
Read the financial report directly:
1. Income and Profit Statement
Revenue from 2476.98 increased by 1.71%. In fact, there are services here (express delivery and some acquisitions), and some e-commerce growth was basically flat (self-employment declined, platforms grew 3%).
Net profit We look directly at operating profit related to operations. Using “gross profit - warehousing - sales - technology - management”, this value is 9.303 billion in 2023 and 7.261 billion in Q2, which is a high increase over the previous year.
Use “Māori...