JD: Consumer Electronics, Home Appliance and FMCG Drove Better 3Q22 GMV Growth
Based on our data and calculations, we are positive on JD’s 3Q22 performance. While China’s economy is still weak, JD’s sales in 3Q22 is better than 2Q22. Specifically, the sales growth in September was better than that in July and August driven mainly by consumer electronics, home appliance and FMCG. After the 20th Communist Party of China (the 20th CPC), we believe the economy can be more active with more certainties and clearer direction and leadership structure. One direction that is quite clear is to promote domestic demand and consumption. In such case, e-commerce can be the leading sector to see signs of improvement.
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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