China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[JD.com, Inc (JD US, BUY, TP US$52) Earnings Review]: Market Calls for Longer-Term Growth Drivers

[JD.com, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

<ul>
<li>We expect JD.com C4Q24 revenue/non-GAAP NI to be RMB337bn/9.7bn, 1.6%/6.5% above consensus, benefiting from trade-in subsidies and logistics;</li>
<li>With 2025 having four quarters of trade-in subsidy vs. 2024's one quarter and smartphone's participation, JD.com is on solid growth footing in our universe. </li>
<li>We raised JD.com's TP from US$50 to US$ 52 TP and maintain BUY rating.</li>
</ul>


We expect JD.com C4Q24 revenue/non-GAAP NI to be RMB337bn/9.7bn, 1.6%/6.5% above consensus, benefiting from trade-in subsidies and logistics;
With 2025 having four quarters of trade-in subsidy vs. 2024's one quarter and smartphone's participation, JD.com is on solid growth footing in our universe. 
We raised JD.com's TP from US$50 to US$ 52 TP and maintain BUY rating.


[JD.com, Inc (JD US, BUY, TP US$52) TP Change]: C4Q24 Preview: Still the Safe Choice into 2025

JD.com Inc (ADR)

[JD.com, Inc (JD US, BUY, TP US$52) TP Change]: C4Q24 Preview: Still the Safe Choice into 2025