(电子商务研究中心讯)　　我们仍然相信JD。COM的边缘演化的故事。我们认为，4%的股价下跌后的结果可以解释为市场对其收缩幅度的不安。然而，这主要是由于在六月店庆促销，从JD金融冲击剥离，并实现成本的分类。我们预计利润率反弹3q17e为管理提供了明亮的收入指导(36% - 40%年)。此外，京东将2017全年的非GAAP净利润指导0.5个百分点0.5% 1.5%的信心。以下的收入预测升级(27%的收入年复合增长率在2016-19e)，我们也将我们的非GAAP净利润15 / 10个基点至1% / 1.1% 2017 / 18e。滚动到2018e销售，我们上调目标价至51美元(42美元)在1.1x P/S(在其3年平均P / S线)。重申买入京东。下行风险：慢流量增益和利润稀释在不断升级的竞争。

　　2q17是另一个令人鼓舞的季度。非GAAP净利润同比增长了59%至rmb977m，为首的一个强劲的收入增长44%(高于35% - 39%公司指导)订单增长(+ 41%)和大票的大小。年度活跃客户账户数量同比上涨37%，环比上升9%至258m，成功的品类扩张帮助赢得女性消费者。

　　毛利率同比基本持平，如JD.com给予丰厚的奖励给消费者在“6.18”周年庆典。非GAAP运营利润率同比收缩0.2-ppt 0.6%营销费用较高的“6.18”购物节。rmb20.3bn JD.com产生自由现金流包括rmb17.9bn经营现金流量和资本支出的季度13亿。年度审核后，即锁定在与供应商，导致2q17再付天更好的付款条件。

　　可以在服装进一步收购。Richard Liu的创始人兼首席执行官强调，如果有合适的机会，有可能在服装品类中进行更多的收购。作为服装和鞋类提供了大约40%的中国的B2C网购市场部门决算，不言而喻的是，京东要做更多的战略性投资，不断学习，在我们看来。我们重申我们的观点，唯品会(贵宾美国，购买，TP 17美元)提出了一个很好的补充，JD公司的自营服装生意(大众市场定位)和最近投资Farfetch，全球奢侈品在线市场(针对富裕的群体)。

　　交易理念。在购买。我们赞成JD公司加速在中国的市场份额获得网上零售市场和即将到来的物流资产重估。

　　原文：

　　We remain convinced about JD.com’s margin evolution story. In our view, the 4% share price drop post results could be explained by market’s unease on its margin contraction QoQ. However, this was primarily attributable to anniversary promotion in June, impact from JD Finance spin-off, and reclassification of fulfillment costs. We anticipate margin rebound in 3Q17E for which management offered bright revenue guidance (up 36%-40% YoY). Plus, JD.com raised its 2017 full year non-GAAP net margin guidance by 50bps to 0.5%-1.5% with confidence. Following revenue forecast upgrade (27% revenue CAGR in 2016-19E), we also lift our non-GAAP net margin by 15/10 bps to 1.0%/1.1% in 2017/18E. Rolling over to 2018E sales, we raise TP to US$51.00 (from US$42.00) on 1.1x P/S (in line with its 3-year average P/S). Reaffirm BUY on JD.com. Downside risks: slower traffic gain and margin dilution amid escalated competition.

　　2Q17 was another encouraging quarter. Non-GAAP net profit jumped 59% YoY to RMB977m, led by a robust 44% revenue growth (above the company guidance of 35%-39%) building on order growth (+41%) and larger ticket size. The number of annual active customer accounts rose 37% YoY and 9% QoQ to 258m, as successful category expansion helped win female consumers. Gross margin was largely flat YoY, as JD.com gave generous rewards to consumers during its“6.18”anniversary celebration. Non-GAAP operating margin contracted by 0.2-ppt YoY to 0.6% given higher marketing dollars for the“6.18”Shopping Festival. JD.com generated RMB20.3bn free cash flow including RMB17.9bn operating cash flow and RMB1.3bn capex in the quarter. Subsequent to annual review, JD.com locked in better payment terms with suppliers which led to longer payable days from 2Q17.

　　Could be further acquisition in apparel. Richard Liu, JD.com’s founder and CEO, highlighted the possibility of more acquisition(s) in the apparel category if there are suitable opportunities. As the apparel and footwear sector accounts for roughly 40% of China’s B2C online shopping market, it is self-evident that JD.com should make more strategic investments and move up the learning curve, in our view. We reiterate our view that Vipshop (VIPS US, BUY, TP US$17.00) presents a good complement to JD.com’s self-run apparel business (mass market positioning) and recently-invested Farfetch, a global luxury online marketplace (targeting the affluent group).

　　Trading idea. Stay BUY. We favor JD.com’s accelerated market share gain in China’s online retailing market and the upcoming revaluation of its logistics assets.（来源：交银国际；编选：中国电子商务研究中心）