GAP revitalization making good progress

M N 25 Mar 2024 CMB International Global Markets | Equity Research | Company Update Baozun (BZUN US) GAP revitalization making good progress Target Price US$4.93 Baozun delivered mixed 4Q23 results with in-line revenue (+9% YoY) but soft (Previous TP US$6.90) bottom line. For 1Q24E, we expect a low-single-digit YoY decline in revenue, with Up/Downside 113.0% a net loss position, for slower BEC (Baozun E-commerce) recovery with soft Current Price US$2.30 consumption sentiment. Despite that, BBM (Baozun Brand ...