20240125-招银国际-Driving_user_growth_and_user_experience_improvement_5页_684kb

CMB International Global Markets maintains a BUY rating on JD.com (JD US) with a revised target price of US$52.0, down from US$57.5, due to additional investment in the Spring Festival Gala. Analysts expect JD.com to achieve revenue growth aligned with consensus in 4Q23 and 2023, with better-than-expected earnings driven by cost efficiency. For 2024E, revenue is projected at 7.7% YoY growth, and non-GAAP net margin at 3.1%, amid priorities of user experience improvements and GMV share gain. Despite ongoing business transformation, the current valuation (7.8x 2023E non-GAAP PE and 7.5x 2024E non-GAAP PE) supports the BUY recommendation against a 12% non-GAAP earnings CAGR over 2022-2025E. Key risks include execution timing for transformation and market volatility. Stock performance shows recent declines, but fundamentals support growth potential.