京东集团-SW:以旧换新带动零售收入快速增长 公司持续优化供应链效率提升利润率

国信证券
08 Mar

本季度收入增长亮眼:本季度公司实现营业收入3470 亿元,同比+13%,分拆看,1)本季度京东零售收入3071 亿元,同比+14.7%,电商强劲增长主要受益于家电以旧换新,我们测算自营业务收入同比14%,POP 模式下收入增速比自营略低,本季度平台活跃用户数以及购物频次均实现两位数增长;展望2025 年,我们认为上半年零售业务仍将在以旧换新带动下快速增长,下半年受高基数影响增速可能逐步放缓;2)...

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