T. H. Data Flash – Baozun – November & 4Q18E: Apple, Qualcomm Conflict Negative for BZUN; Cautious on 4Q18E

  • Date: Dec 24, 2018
  • Tags:BZUNbaozun
  • Partial Report:Name: TH Data BZUN 12242018.pdf - Size: 0.48M - Free Download
  • T. H. Data Flash – Baozun – November & 4Q18E: Apple, Qualcomm Conflict Negative for BZUN; Cautious on 4Q18E

We are cautious on BZUN into 4Q18. Based on our data and model, we believe the company’s net revenue in 4Q18E is likely to be impacted by the slowing down in China’s underlying economy as well as the conflict between Apple and Qualcomm. Revenue is likely to reach the mid to low end of topline guidance range of RMB2,200M - 2,250M (40.5% - 43.7% Y/Y growth).

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