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<Research>CLSA Projects JD-SW 1Q Adj. NP to Hike 12% YoY on National Subsidy Policy
Recommend 7 Positive 9 Negative 4 |
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CLSA’s research report forecast that JD-SW (09618.HK)(JD.US) will deliver solid 1Q25 results, underpinned by national subsidy policies, with revenue projected to grow 12% YoY to RMB290 billion and adjusted net profit also up 12% to approximately RMB10 billion. Sales of electronics, supermarket goods, and apparel are expected to record double-digit increment during the period. Buoyed by trade-in subsidy policies, CLSA anticipated JD will maintain double-digit revenue growth in 2Q25 and 3Q25. While its food delivery business is growing faster than expected, intense competition and high investment needs may pose risks to margins. Consequently, CLSA lowered its target price for JD’s U.S. shares from USD50 to USD45, maintaining an Outperform rating. AAStocks Financial News |
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