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<Research>CMS Forecasts JD-SW 4Q24 Results to Remain Pampered by National Trade-in Policy
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CMS issued a research report that expected JD-SW (09618.HK)'s 4Q24 revenue to reach RMB334 billion, up 9% YoY, with growth accelerating QoQ. JD Retail's GMV was predicted to achieve high single-digit growth YoY, with growth also accelerating QoQ. The broker elaborated that the upward revision of its forecast primarily reflected the estimate-beating growth entailed by the “trade-in” national subsidy policy since September 2024. The broker foresaw JD's revenue to grow by 6% YoY in 2025, among which JD Retail and JD Logistics’ revenue will hike by 5.6% and 7% YoY, respectively; and non-GAAP net profit will climb 4% YoY. It also expected that the margin expansion of JD Logistics may be more impressive than that of JD Retail. CMS raised its core net profit forecast for FY2024-26 by 2%, and kept its target price of US$46 on JD.com (JD.US), giving it an Overweight rating. AAStocks Financial News |
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