BZUN/9991.HK: Locally Spent Chinese New Year Is Positive For 1Q21 Performance; Aggressive Brand Cooperation Is Likely To Add More Brands
BZUN will report 1Q21 results on May 18th before the market opens with a 7:30am EST conference call. 1Q21 was a special quarter as most people in China spent their holidays locally instead of traveling back to their hometowns, which led to more commerce activities. Our data shows that BZUN’s total GMV is likely to grow 45.1% Y/Y to reach RMB13.36B in 1Q21, accelerating from 28.7% Y/Y in 4Q20. Based on our data and model, we believe BZUN’s net revenue in 1Q21 is likely to be better than consensus at RMB2,030M (33.2% Y/Y growth). More than 1Q21 performance, the company has developed several partnerships to recruit brands, which we believe is fundamentally positive to its long-term growth.
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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