宝尊电商：A solid start with steady transition

M N 29 May 2024 CMB International Global Markets | Equity Research | Company Update Baozun (BZUN US) A solid start with steady transition year Target Price US$4.93 Baozun’s 1Q24 results were better-than-feared, in which revenue +5% YoY Up/Downside 85.3% (4% above consensus) and bottom line came in at -RMB15mn (vs. Current Price US$2.66 consensus of -RMB45mn). Ecommerce segment achieved positive OCF for the first time since 2019. Despite macro uncertainty, we expect BEC to China Entertainment bottom out in 2 ...