JD 1Q23 Preview: Lowering Estimates as Recovery Takes Time
What’s New: We nudge down our 1Q23 and FY23 top line estimates amid gradual recovery in demand environment. Furthermore, the recent business adjustments and reorganization may also adversely impact top-line growth throughout the year. Despite downward revision in revenues, margins could remain largely stable YoY as cost would remain under controlled even with the launch of the RMB 10bn subsidy program.Analysts:
Jin Yoon
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