New Street Research - JD.com Inc. Sponsored ADR Class A (JD) JD 3Q24 Preview: Business Recovery in Sep Partly Driven by Trade-in Initiatives

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New Street Research

Jin Yoon

JD 3Q24 Preview: Business Recovery in Sep Partly Driven by Trade-in Initiatives

What’s New: We nudge down our 3Q24 top line estimates partly due to a relatively challenging Jul and Aug. However, the electronics and home appliance category has started to pick up in Sep partly driven by the trade-in initiatives. In this note, we highlight the latest updates on the business.

Analysts:
Jin Yoon

14/10/2024 1 EN

Underlying

JD.com Inc. Sponsored ADR Class A

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US47215P1066 NASDAQ Stock Market United States

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Analysts

Jin Yoon

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JD 3Q24 Results: Outlook Remains Intact

What’s new: JD’s reported 3Q24 revs that were largely in-line with consensus and our estimates, while margins exceed expectations. FY24 outlook remains intact where rev and GMV growth could continue to outpace total retail sales. Non-GAAP net profit could also grow over 20% YoY in FY24 partly driven by continued GM improvement. We maintain our PT at USD70. Analysts: Jin Yoon

November 15, 2024 November 15, 2024 1 EN

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JD.com (9618 HK): 3Q24: Solid earnings beat; key proxy for benefits from trade-in programme.

JD’s 3Q24 revenue rose 5% yoy to Rmb260.4b, in line with our and consensus estimates. Gross profit margin improved 1.7ppt yoy to 17.3% in 3Q24. Non-GAAP operating profit rose 17% yoy to Rmb13b, translating to a non-GAAP operating profit margin of 5%. Non-GAAP net profit grew 24% yoy to Rmb13.2b and EPS increased 30% yoy, beating our and consensus estimates by 17%. Adjusted net margin jumped 1ppt yoy to 5%. Maintain BUY with a target price of HK$197.00 (US$52.00).

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JD 3Q24 Preview: Business Recovery in Sep Partly Driven by Trade-in Initiatives

JD 3Q24 Results: Outlook Remains Intact

JD.com (9618 HK): 3Q24: Solid earnings beat; key proxy for benefits from trade-in programme.

Greater China Daily: Friday, November 15, 2024

EU Pharma 2025 Outlook - The Correction Was Due, Tread Carefully

Vodacom (Buy, TP: ZAR150, +45%) Feedback from small group call with CEO & CFO

Dell miss and guide down. Implications for our coverage.

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