京东：Expecting solid 4Q24 results driven by home appliance trade-in program

20 Jan 2025 CMB International Global Markets | Equity Research | Company Update JD.com (JD US) Expecting solid 4Q24 results driven by home appliance trade-in program For 4Q24E, we anticipate that JD.com (JD) has inked total revenue of RMB334.6bn, up 9.3% YoY, 3% better than Bloomberg consensus, driven by: 1) the nationwide implementation of home appliance trade-in program; 2) JD's greater than industry average GMV exposure in home appliance category; and 3) JD's strong supply chain capability of first-party ...