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<Research>CICC: JD-SW (09618.HK) 3Q Profit Beats w/ Stronger Investment During Promotion Period
Recommend 8 Positive 15 Negative 1 |
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JD-SW (09618.HK) (JD.US) ramped up its investment during the promotion period, and its 3Q revenue soared 5.1% YoY to RMB260.4 billion, basically aligning with market expectations, according to a report from CICC. The company's non-GAAP net profit reached RMB13.2 billion, up 24% YoY, surpassing market expectations by 16.5%, mainly due to better-than-expected GPM and JD Logistics' profit performance. Due to the company's stronger-than-expected profit improvement, CICC raised its 2024-2025 non-GAAP net profit forecasts for JD-SW by 3.5%/ 4.4% to RMB45 billion/ RMB48 billion. The broker kept an unchanged Outperform rating with a target price of US$51.4 for the company's US shares. AAStocks Financial News |
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