reports
- Jin Yoon
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
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 3Q24: Solid earnings beat; key proxy for benefits fr...
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).
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, November 15, 2024
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 27% yoy but fell 17% mom and 11% wow during 4-10 Nov 24. Major carmakers saw a dip in insurance registrations in China last week. PEVs’ market share rose 1.8ppt wow to 54.1%. We conducted a detailed assessment of the impact of US tariffs on the companies under our coverage, as shown in the last page. We believe auto part manufacturers are more vulnerable than OEMs. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao, and...
JD.com Announces Third Quarter 2024 Results
JD.com Announces Third Quarter 2024 Results BEIJING, Nov. 14, 2024 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three months ended September 30, 2024. Third Quarter 2024 Highlights Net revenues were RMB260.4 billion (US$137.1 billion) for the third quarter of 2024, an increase of 5.1% from the third quarter of 2023.Income from operations was RMB12.0 billion (US$1.7 billion) for the thir...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Revitalising momentum evident in initial phase of 11.1...
Data from the initial phase of the 11.11 campaign set a compelling prelude to a high single-digit GMV growth in 2024. We expect the combination of government trade-in subsidies and 11.11 discounts to stimulate consumer demand, particularly with home appliances and 3C digital products taking the spotlight. We anticipate stabilised competition between traditional and livestreaming e-commerce with a strong emphasis on shelf-based e-commerce. Maintain MARKET WEIGHT.
JD.com to Report Third Quarter 2024 Financial Results on November 14, ...
JD.com to Report Third Quarter 2024 Financial Results on November 14, 2024 BEIJING, Oct. 31, 2024 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited third quarter 2024 financial results on Thursday, November 14, 2024, before the U.S. market opens. JD.com’s management will hold a conference call at 7:00 am, Eastern Time on November 14, 2024, (8:00 pm, Beijing/Hong Kong Time on November 14, 2024) to discuss the third quarter ...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key takeaways from marketing trip.
The key concerns of investors include the sustainability of the recent rally and potential fundamental changes upon policy rollout. We think a valuation repair is underway with the upcoming 11.11 campaign and 3Q/4Q24 results release as a critical juncture. Investors are also becoming increasingly optimistic on mega-cap names such as Tencent, Meituan, Alibaba and JD in view of a favourable regulatory backdrop and stabilised competitive environment. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
002230 IFLYTEK CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
2013 WEIMOB INC
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 3Q24 results preview: Promising outlook; benefitting...
JD’s top-line growth is guided to be solid at 4.8% yoy for 3Q24, on par with JD Retail’s growth and in line with our expectation. JD also saw resilient user growth and GMV growth in 3Q24 as it is well positioned to benefit from a gradual consumption recovery in 2H24 on the back of the government stimulus and trade-in programme. We also expect the 11.11 campaign that kicked off on 14 Oct 24 to boost consumption demand. Maintain BUY with a higher target price of HK$197.00 (US$49.00).
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, October 16, 2024
KEY HIGHLIGHTS Update JD.com (9618 HK/BUY/HK$160.40/Target: HK$197.00) JD’s top-line growth is guided to be solid at 4.8% yoy for 3Q24, on par with JD Retail’s growth and in line with our expectation. JD also saw resilient user growth and GMV growth in 3Q24 as it is well positioned to benefit from a gradual consumption recovery in 2H24 on the back of the government stimulus and trade-in programme. We also expect the 11.11 campaign that kicked off on 14 Oct 24 to boost consumption demand. Mai...
- Jin Yoon
JD 3Q24 Preview: Business Recovery in Sep Partly Driven by Trade-in In...
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
- Julia Pan Mengyao
- Ming San Soong
China Internet: Government policy rollout to boost consumption and dri...
In view of a stronger-than-expected government policy rollout, we reckon that the improved consumption sentiment will benefit e-commerce, local life services and OTA companies. In 2H24, we expect the undemanding valuations of internet companies to be repaired by shareholder returns, cross-border expansion and easing competition. Meanwhile, we believe monetisation momentum will be fuelled by AIGC development and adtech upgrades. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
002230 IFLYTEK CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
2013 WEIMOB INC
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 PINDUODUO PDD US
02423 BAIDU INC
09961 KE HOLDINGS INC.
CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Internet: 2Q24 results wrap-up: Overall earnings beat; 2H24 outl...
2Q24 revenue growth was lukewarm, hampered by a subdued macro backdrop, but most earnings beats were delivered by internet companies. We expect consumers to continue switching to service- and experience-oriented, which will benefit OTA, local life services and online games amid the summer holiday period. Key catalysts in 2H24 that will drive internet companies’ valuation repair include shareholder returns, cross-border expansion, easing competition and more, in our view. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
002230 IFLYTEK CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
2013 WEIMOB INC
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
JD.com Announces US$5.0 Billion New Share Repurchase Program
JD.com Announces US$5.0 Billion New Share Repurchase Program BEIJING, Aug. 27, 2024 (GLOBE NEWSWIRE) -- JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that its board of directors (the “Board”) has approved a new share repurchase program (the “New Share Repurchase Program”), effective from September 2024. Pursuant to the New Share Repurchase Program, the Company may repurchase up to US$5.0 billion worth of its shares (including ADSs) over the next 36 mo...
- Jin Yoon
JD 2Q24 Results: 3Q Rev Growth to be Better than 2Q
What’s new: JD’s reported 2Q24 revs that were largely in-line with consensus and our estimates, while margins exceed expectations. As comps start to normalize in key categories such as home appliances, rev growth in 3Q could fare better than 2Q. non-GAAP net profit could also grow by double digits YoY in FY24 partly due to GPM improvement. We maintain our PT at USD70. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 2Q24: Solid earnings beat; targeting high single-dig...
JD’s 2Q24 revenue rose 1% yoy to Rmb291.4b, in line with our and consensus estimates. Gross profit margin improved 1.4ppt yoy to 15.8% in 2Q24. Non-GAAP operating profit rose 20% yoy to Rmb11.6b, translating to non-GAAP operating profit margin of 4%. Non-GAAP net profit came in at Rmb14.5b, beating our and consensus expectations, as a result of streamlining of operations. Adjusted net margin expanded 2ppt yoy to 5%. Maintain BUY with a lower target price of HK$120.00 (US$33.00).
- Bella Lu Yifei
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Friday, August 16, 2024
KEY HIGHLIGHTS Economics Economic Activity July macro data was weak, with both FAI and industrial production growth trending lower and missing expectations. FAI ytd growth declined to 3.6% yoy in July, as property related FAI stayed weak, falling 10.2% ytd yoy. Retail sales improved by 0.7ppt to 2.7% yoy in July from June. Together with a surprise uptick in unemployment rate, data points to lacklustre growth. Sector Automobile China’s PV insurance registration grew 10% yoy/14% mom but fe...
JD.com Announces Second Quarter and Interim 2024 Results
JD.com Announces Second Quarter and Interim 2024 Results BEIJING, Aug. 15, 2024 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company”), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three and six months ended June 30, 2024. Second Quarter 2024 Highlights Net revenues were RMB291.4 billion (US$140.1 billion) for the second quarter of 2024, an increase of 1.2% from the second quarter of 2023.Income from operations was RMB10.5 billion (US$1.4 billion) f...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strategic revamp to revitalise e-commerce GMV growth.
E-commerce companies are actively undergoing strategic adjustments to balance low prices and user experience, thereby facilitating GMV growth momentum. Following the adjustments, we expect to see a re-acceleration of growth and better profitability in 2H24. We opine that cross-border e-commerce expansion and adtech upgrades will remain as the key catalysts for e-commerce companies amid stagnant domestic ecommerce growth. Maintain MARKET WEIGHT.
JD.com to Report Second Quarter and Interim 2024 Financial Results on ...
JD.com to Report Second Quarter and Interim 2024 Financial Results on August 15, 2024 BEIJING, Aug. 01, 2024 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited financial results for the three months and six months ended June 30, 2024 on Thursday, August 15, 2024, before the U.S. market opens. JD.com’s management will hold a conference call at 8:00 am, Eastern Time on August 15, 2024, (8:00 pm, Beijing/Hong Kong Time on Augus...
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 2Q24 results preview: Lacklustre top-line momentum; ...
JD’s top-line growth is guided to be subdued at 0-1% yoy for 2Q24, on a par with JD Retail’s growth and lower than our expectation. JD guided strong earnings growth in 2Q24 on the back of its user-centric and ROI-focused strategy. For 2024, JD anticipates mid-to-high single-digit top-line growth and stable growth in JD Retail’s profit, on the back of scaled-back subsidies amid intense competition. Maintain BUY. Target price: HK$150.00 (US$40.00).
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