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China Merchants: The competition intensity in the e-commerce industry is overestimated. Bullish on the overall valuation improvement in the future.
China Merchants released a research report stating that the actual competition intensity in the e-commerce industry is significantly lower than market expectations, and profits in the e-commerce industry and among various companies are expected to gradually increase in the future. Bullish on the overall valuation increase of future e-commerce.
JD.com's Subsidiary to Acquire Further 36% Stake in Kuayue-Express Group
Zhitong Hong Kong stock short-selling statistics | December 5
Hong Kong stock short selling statistics | December 5th
【Brokerage Focus】 Southwest Securities maintains a "buy" rating for jd.com (09618), pointing out that jd.com's logistics profit margin has significantly improved.
Jingwu Financial News | Southwest Securities reported that jd.com (09618) achieved revenue of 260.4 billion yuan in Q3 2024 (year-on-year +5.1%), Non-GAAP operating profit of 13.1 billion yuan (year-on-year +17.9%), Non-GAAP net income attributable to shareholders of 13.2 billion yuan (year-on-year +23.9%). The operating margin for jd.com retail is 5.2%, unchanged year-on-year, an increase of 1.3 percentage points quarter-on-quarter; as of the end of September 2024, TTM free cash flow is 33.6 billion yuan, a decrease of 22 billion yuan from the end of June 2024, and a year-on-year decrease of 5.
Huaxi Securities: Maintaining a "buy" rating for Bosideng. The expansion of new product categories such as sun protection clothing and lightweight down jackets has greatly increased store performance.
Huaxi Securities has released a research report stating that it maintains a "buy" rating for bosideng (03998). The analysis of its future potential indicates that in the short term, with national temperatures being relatively high in November, there are concerns in the market about a warm winter affecting down jacket sales. However, it can be observed that recent temperatures have significantly dropped, and the company has maintained a low initial order ratio in recent years. As temperatures decrease, dealers can place rolling orders based on sales performance, using pull replenishment, s quick response, and other flexible methods for timely restocking. In the medium term, the company continues to launch upgraded iterations of sun protection clothing, lightweight down jackets, and three-in-one jackets with goose down, ensuring that new products continue to innovate, with a focus on implementing.
[Brokerage Focus] Haitong Sec gives jd.com (09618) an "Outperform" rating, indicating that Q3 adjusted net margin has seen healthy growth.
Jinwu Financial News | Haitong Securities issued research reports stating that jd.com (09618) achieved a 5.1% year-on-year growth in revenue in 3Q24. Home appliances and 3C products increased by 2.7% year-on-year, while fast-moving consumer goods grew by 8.0% year-on-year. In 3Q24, service revenue increased by 6.5% year-on-year to 55.8 billion yuan, with logistics and other services growing by 6.5% year-on-year, and platforms and advertising increasing by 6.3% year-on-year. Key performance highlights: (1) Both gross margin and Non-GAAP net margin achieved healthy growth: Benefiting from the company's continuous improvement in supply chain capabilities, scale effects, and operational efficiency, the gross margin in 3Q24 increased to 17.3% year-on-year.
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