Earnings Alert: 1Q22 core revenue grew by 39%, above market expectations
- 1Q22 core revenue excluding merchandise sales grew 39% to c.Rmb 23.7bn
- Non-GAAP net profit of Rmb4.2bn in 1Q22 was higher than market expectations
- Our FY22F and FY23F revenue forecasts largely unchanged due to Covid uncertainty in 2Q22
- Maintain BUY and US$72 TP based on 5x P/S