Investment Tip of this issue: the main review and prospect of the week: the performance of the trade and retail sector and the social service sector is stable this week. The retail trade index rose by 2% from April 29, 2024 to April 30, 2024.Ctrps4.40%, up 1.84pct compared with the CSI 300 index, ranking fifth in Shenwan's first-tier industry.Ctrps4The social service index rose 0.49%, down 0.07 pct compared with the CSI 300 index, and ranked 23rd in the Shenwan first-tier industry. The growth potential of the platform is strong, and the Internet continues to rise in the heads of JD.com and Meituan. According to the company announcement, 23Q4 Ali / JD.com / pinduoduo / Meituan achieved revenue of RMB 2603, respectively, with a year-on-year increase of 5%, 123%, and 23%, respectively. Competition in the industry tends to ease, major companies show high-quality growth, and have announced to increase shareholder returns and actively carry out buyback dividends. From the beginning of the year to April 30, Meituan rose 38%, up 32pct relative to the Hang Seng Index, 75% at the bottom and 56pct higher than the Hang Seng Index. JD.com / Alibaba / from the beginning of many years to April 30, the bottom rose by 35%, 10%, 13%. The pulling effect of online consumption growth has been strengthened, and we are optimistic that China's consumption potential will continue to be released. According to the National Bureau of Statistics, the total amount of social zero reached 12 trillion yuan from January to March in 24 years, an increase of 4.7% over the same period last year. From January to March, the online retail sales of physical goods reached 281 million yuan, an increase of 11.6 percent over the same period last year, pulling more than 2 percentage points to the total social zero growth. According to the Chinese government website, on March 13, the State Council pointed out that it is necessary to implement four major actions: equipment renewal, consumer goods trade-in, recycling, and standard upgrading. We believe that under the promotion of the policy of promoting consumption, social expectations have gradually improved. It is expected that the steady recovery of the consumer market will continue to consolidate and strengthen. Over the past 22 years, Internet companies have taken more aggressive buyback and dividend measures to enhance investor returns. According to the company announcement, Alibaba paid a dividend of US $2.5 billion for the first time since he announced his listing on November 16, 23. February 7, 24 announced an increase of $25 billion in the repurchase quota and $35.3 billion in the repurchase quota for the next three fiscal years, bringing the total repurchase of 524 million common shares to $4.8 billion as of the 24Q1 quarter. On March 6, 24, JD.com announced a US $3 billion buyback plan (effective after the expiration of the old plan on March 17, 2024) and paid a cash dividend of US $1.2 billion. As of the quarter ended 24Q1, JD.com had bought back a total of $1.2 billion, accounting for about 2.8 per cent of the total number of common shares outstanding. Meituan first announced a US $1 billion buyback plan on November 28, 23, and has bought back a total of 82.51 million shares since the beginning of the year. We believe that the repurchase dividends not only reflect the company's good financial position and cash flow, but also reflect the management's confidence in the company's future growth prospects, which will effectively increase shareholders' returns. Each platform will increase investment in core business and focus on growth competition. Looking forward to 2024, the main e-commerce platforms will focus on core business investment, emphasizing the improvement of user experience and the growth of core business market share. Alibaba focuses on strengthening the two cornerstone business segments of e-commerce and cloud computing, and we expect FY4Q24 revenue to reach 219.4 billion yuan, an increase of 5.4% over the same period last year. JD.com 's 24-year business focus will continue to focus on the improvement of user experience, pay more attention to market share expansion, and continue to upgrade merchants and content ecology. 24Q1 revenue is expected to increase 5.7% year-on-year to 256.8 billion yuan, and JD.com retail will increase 6% to 224.9 billion yuan. Pinduoduo's main station focuses on affordable + high-quality product supply richness, Temu global site continues to expand, 23Q4Non-GAAP homing net profit increased 110% to 25.48 billion yuan compared with the same period last year. Meituan's core local business barriers are solid, and the new business focuses on improving user experience and pricing power to continue to reduce losses. 23Q4 achieved an adjusted net profit of 4.375 billion yuan, an increase of 427.6% over the same period last year, of which the operating loss of new business narrowed by 24.1% to 4.8 billion yuan. Investment analysis opinion: looking forward to 2024, the head platform will attach equal importance to incremental development and stock operation, focus on the refined operation and development of core business, and comprehensively upgrade the supply chain system and service system. On the basis of improving supply chain efficiency and quality and enhancing price competitiveness, we will provide consumers with better products and services. At the same time, the e-commerce platform further builds a cross-border system, upgrades the iterative business model, and enables more merchants and goods to go out to sea. The upfront investment of each platform is expected to be further transformed into real performance growth, and the value of the company is expected to be further enhanced. Recommended: Meituan, pinduoduo, JD.com, Alibaba. Risk hint: consumer demand is lower than expected, industry competition is intensified, overseas business development is not as expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
