The updated data and analysis for JD's performance in the first quarter of 2024 indicate positive trends, particularly in mobile handsets and home appliances sales. China's economy is showing signs of improvement, bolstered by government stimuli, which is expected to benefit JD.

Based on projections, JD's total net revenue in 1Q24E is anticipated to grow by 6.8% year-over-year to reach RMB 259.4 billion, slightly exceeding the consensus estimate of RMB 258.2 billion. Product revenue is projected to increase to RMB 208.3 billion, while service revenue is expected to rise to RMB 51.1 billion.

Key data highlights include GMV reaching RMB 915.4 billion in 1Q24E, a 12.3% year-over-year increase. Growth in online direct sales GMV is estimated at 10.2% year-over-year, with notable increases in mobile handsets, digital products, and home appliances categories. Marketplace GMV is forecasted to grow by 15.0% year-over-year, with strong performance in apparel, food, beverage, fresh products, and other categories.

These insights suggest a promising outlook for JD's performance in the first quarter of 2024, driven by favorable market conditions and strategic initiatives.