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<Foresight>Brokers Expect JD-SW's 1Q25 Adjusted NP to Surge ~20%; Spotlight on New Biz Strategies & Their Impact on Full-Yr Guidance (Update)
Recommend 12 Positive 24 Negative 11 |
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JD-SW (09618.HK) is set to announce its 1Q25 results after the Hong Kong market closes today (13th). Benefiting from the extension and expansion of the trade-in subsidy program to categories such as handsets and 3C electronics, the company's GPM may grow on the back of direct government subsidies for self-operated home appliances and other products. Based on the forecasts from 16 brokers as consolidated by our reporters, JD-SW's 1Q25 net profit attributable to ordinary shareholders under non-GAAP is expected to range RMB9.846-11.47 billion, compared to RMB8.899 billion in the same period last year, representing a YoY increase of 10.6-28.9%. The median of RMB10.647 billion also marks a YoY growth of 19.6%. JD-SW recently launched "instant deliveries" to challenge MEITUAN-W (03690.HK)'s "instant purchases". Investors are closely watching JD-SW's management for their views on industry competition and strategic guidance for related businesses, and whether the group will lower its full-year earnings guidance due to investments in the food delivery business. Broker │ Forecast for 1Q25 Non-GAAP NP Attributable to Ordinary Shareholders │ YoY Change BOCOMI │ RMB11.47 billion │ +28.9% CICC │ RMB11.402 billion │ +28.1% Huatai Securities │ RMB11.2 billion │ +25.9% Nomura │ RMB11.099 billion │ +24.7% BofA Securities │ RMB11 billion │ +23.6% UBS │ RMB10.755 billion │ +20.9% Daiwa │ RMB10.706 billion │ +20.3% Morgan Stanley │ RMB10.694 billion │ +20.2% Jefferies │ RMB10.6 billion │ +19.1% Goldman Sachs│RMB10.502 billion│+18% CCBI │ RMB10.253 billion │ +15.2% HSBC Global Research │ RMB10.245 billion │ +15.1% CLSA │ RMB9.966 billion │ +12% Citi │ RMB9.911 billion │ +11.4% Shenwan Hongyuan │ RMB9.88 billion │ +11.0% China Renaissance │ RMB9.846 billion │ +10.6% Calculated based on the company's 1Q24 non-GAAP net profit attributable to ordinary shareholders of RMB8.899 billion. AAStocks Financial News |
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