External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>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&amp;HA) in 2Q24E, its strategies to focus on ROI and quality growth may drive a beat on earnings.</li><li>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% better than Bloomberg consensus.</li><li>With a normalization in revenue growth of both E&amp;HA and platform business, we expect YoY revenue growth for JD to reaccelerate in 3Q24E, and the GMV growth of JD Retail (JDR) can still outperform that of total retail sales in 2024E. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

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&amp;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% better than Bloomberg consensus.With a normalization in revenue growth of both E&amp;HA and platform business, we expect YoY revenue growth for JD to reaccelerate in 3Q24E, and the GMV growth of JD Retail (JDR) can still outperform that of total retail sales in 2024E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) - Expecting an Upbeat Bottom Line for 2Q Results

JD.com Inc (ADR)

JD.com (JD US) - Expecting an Upbeat Bottom Line for 2Q Results