图表内容
表1:达达集团利润表
单位(百万元)
2023E
2024E
2025E
营业收入
5
739.99
6
866.26
9
367.60
12
785.21
16
683.32
20
981.44
85.18%
19.62%
36.43%
36.48%
30.49%
25.76%
收入拆分:
达达快送
3
434.58
2
820.71
3
157.57
4
319.43
5
346.75
6
407.22
YoY%
72.01%
-17.87%
11.94%
36.80%
23.78%
19.83%
占营业收入比例%
59.84%
41.08%
33.71%
33.78%
32.05%
30.54%
京东到家
2
305.41
4.045.55
6
210.03
8
465.78
11
336.57
14
574.22
109.03%
75.48%
53.50%
36.32%
33.91%
28.56%
占营业收入比例%
40.16%
58.92%
66.29%
66.22%
67.95%
69.46%
毛利润
1
018.68
1727.16
3
624.59
5
380.08
7
265.46
9
168.89
301.33%
69.55%
109.86%
48.43%
35.04%
26
20%
17.75%
25.15%
38.69%
42.08%
43.55%
43.70%
销售费用
-1848.73
-3
427.91
-4747.93
-5
115.82
-6
081.20
-7
648.58
30.69%
85.42%
38.51%
7.75%
18.87%
25.77%
销售费用率
-32.21%
-49.92%
-50.68%
-40.01%
-36.45%
-36.45%
管理费用
-498.83
-400.40
-408.77
-489.51
-577.51
-720.34
77.28%
-19.73%
2.09%
19.75%
17.98%
24.73%
管理费用率
-8.69%
-5.83%
-4.36%
-3.83%
-3.46%
-3.43%
研发费用
-428.85
-573.95
-630.91
-765.67
-934.70
-1
113.22
YoY%
28.46%
33.83%
9.92%
21.36%
22.08%
19.10%
研发费用率
-7.47%
-8.36%
-6.74%
-5.99%
-5.60%
-5.31%
经营利润
-1764.09
-2
578.71
-2.119.53
-888.64
-186.14
-134.91
0.82%
46.18%
-17.81%
-58.07%
-79.05%
-27.52%
-30.73%
-37.56%
-22.63%
-6.95%
-1.12%
-0.64%
归母净利润
-2
080.83
-2
471.13
-2008.01
-709.44
47.70
159.18
NA
NA
NA
NA
NA
43.37%
归母净利率
-36.25%
-35.99%
-21.44%
-5.55%
0.29%
0.76%
Non-GAAP归母净利润
-1543.60
-2
102.86
-1326.23
204.50
1
123.50
1
512.13
NA
NA
NA
NA
449.40%
34.59%
Non-GAAP归母净利率
-26.89%
-30.63%
-14.16%
1.60%
6.73%
7.21%
wind
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