BZUN: Neutral On 2Q23 Performance On Less Brands And Weak Consumer Electronics
BZUN will report 2Q23 results on August 21st before the markets open with a 7:30am ET conference call. We are neutral on BZUN’s 2Q23 performance. Both negative and positive factors are impacting BZUN’s operations in 2Q23: 1) the number of clients declined Y/Y; 2) GMV declined Y/Y due to weak consumer electronics sales; and 3) brand management business could contribute to revenue in 2Q23, which is positive. For the remainder of 2023, the outlook is likely to be better than what we saw in 2Q23 as China recently released 21 items for consumption stimulus, which we believe will gradually take effect along with new measures.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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