BZUN / 9991.HK: Expect Better 3Q20 Revenue Due To Product Mix Optimization; 4Q20 Outlook Is Strong On Robust Sales

BZUN will report 3Q20 results on November 23rd before the markets open with a 7am EST conference call. We are positive on BZUN’s 3Q20 and expect stronger 4Q20 performance. BZUN provided weaker than expected 3Q20 guidance at 16% - 20% Y/Y growth, as the third quarter experienced weaker than normal seasonality. Based on our data and model, we believe BZUN performed better in 3Q20 than its guidance, and net revenue is likely to be above the high end of the company’s guidance at RMB1,800M and the Street at RMB1,794M.