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$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil

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

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

<ul>
<li>JD C4Q24 revenue exceeded our estimate/consensus by 3%/4% and adjusted NI by 16%/19%, driven by subsidies and logistic efficiency gains.</li>
<li>We expect JD to maintain 11% YoY revenue growth in C1H25 but moderate to 5.9% in 2H. </li>
<li>We maintain JD.com's TP at US$ 52 and the BUY rating. Market concern on lack of details for long term driver is valid but JD.com still has time.</li>
</ul>


JD C4Q24 revenue exceeded our estimate/consensus by 3%/4% and adjusted NI by 16%/19%, driven by subsidies and logistic efficiency gains.
We expect JD to maintain 11% YoY revenue growth in C1H25 but moderate to 5.9% in 2H. 
We maintain JD.com's TP at US$ 52 and the BUY rating. Market concern on lack of details for long term driver is valid but JD.com still has time.


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

JD.com Inc (ADR)

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