Macquarie published a research report statingcasinocastle100freespinsAfter a year, Jingdongcasinocastle100freespinsAfter the organizational reorganization of the company, it has now entered a new stage. Among them, core categories such as electronic products, home appliances and department stores are showing signs of recovery. The year-on-year growth rate of the company's retail revenue in the first quarter of fiscal 2024 increased from 3.5 percent in the previous quarter.casinocastle100freespins.4% improved to 6casinocastle100freespins.8%, and consolidated JD's strong position in the mainland retail market. In addition, as JD's supply chain-centered strategy stands out among its peers, the bank is more optimistic about its growth prospects and believes that it can maintain stable earnings performance in a highly competitive environment.
The bank also pointed out that a favorable "old-for-new" policy may promote the development of Jingdong's core home appliance categories. Coupled with the company's excellent performance capabilities, the bank is pleased to see the continuous expansion of Jingdong's merchant base and the increasing frequency of consumer purchases.
The bank expects that JD Retail's sales growth will accelerate from 2% in fiscal 2023 to 7% in fiscal 2024. Jingdong's adjusted operating profit margin will stabilize at 3.3%, meaning that profits in fiscal 2024 will increase by 10% year-on-year. At the same time, it also raised its net profit forecast for fiscal years 2024 and 2025 by 1% respectively to reflect normal earnings growth. Based on the above factors, the bank raised its target price for Jingdong from HK$103 to HK$159 and upgraded its rating to "outperform the market".
