京东：Expecting an upbeat bottom line for 2Q results

CMB International Global Markets | Equity Research | Company Update Although the high base in air conditioner category and industrywide soft performance of PC category are likely to weigh on JD's revenue growth on electronic and home appliance (E&HA) in 2Q24E, its strategies to focus on ROI and quality growth may drive a beat on earnings. We forecast JD has logged 2Q24E revenue of RMB290.9bn (up 1.0% YoY), and non-GAAP net income of RMB9.9bn, which translates into non-GAAP net margin of 3.4% and was 16% bet ...