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<Research>HSBC Global Research Hikes JD-SW 4Q24 Rev. Growth Forecast to 10.5%, Non-GAAP NP to Rise 19%
Recommend 8 Positive 12 Negative 2 |
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The trade-in campaign for home appliances in Mainland China in 4Q24 was predicted to boost JD-SW (09618.HK)’s revenue growth, mainly on the ride of its self-operated platform model and product exposure, HSBC Global Research said in its report. The broker raised its forecast for JD-SW’s revenue growth in 4Q24 to 10% from 6% YoY, and hiked its revenue growth forecast for 2024-25 by 1%, as it believed the extension and expansion of the home appliance trade-in campaign into the consumption electronics sector will continue to benefit JD-SW in 2025. Moreover, the broker raised its 2024-26 earnings forecast for JD-SW by 4%-8%, as it foresaw the upside on a favorable shift to higher-margin home appliances and consumer electronics and improving efficiency will lead to earnings growth. The broker projected JD-SW’s revenue growth to accelerate in 4Q24, accelerating from a 5.1% YoY rise in 3Q24 to an expected 10.5% rise in 4Q24 to RMB338 billion, with JD-SW’s retail sales growing at 11.3% YoY. The non-GAAP net profit was expected to ascend 19% YoY to approximately RMB10 billion. The broker maintained a Buy rating on JD.com (JD.US), with a target price of US$53. AAStocks Financial News |
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