中金：上调京东集团-SW2025 年度经调整净利润预测 1.8% 至 275 亿元人民币 维持 “跑赢行业” 评级
CICC released a research report predicting that JD.com (09618) will see a 14% year-on-year increase in revenue for the third fiscal quarter, reaching RMB 297.1 billion (the same below), which is higher than the firm's previous expectations, corresponding to a non-GAAP net profit margin of 1.5%. CICC raised its adjusted net profit forecast for JD.com in 2025 by 1.8% to RMB 27.5 billion, while maintaining the profit forecast for 2026 at RMB 38.4 billion; it maintained an "outperform the industry" investment rating and a target price of $41, corresponding to an 11 times adjusted price-to-earnings ratio for 2026 and an upside potential of 28.7%; the current stock price corresponds to 12/8 times adjusted price-to-earnings ratios for 2025/2026. CICC expects that JD.com's daily sales in the third fiscal quarter will still maintain a rapid growth rate, with stable retail business profit margins and delivery performance exceeding expectations, which may drive net profit in the third fiscal quarter above previous expectations
According to the Zhitong Finance APP, China International Capital Corporation (CICC) released a research report predicting that JD.com (09618, JD.US) will achieve a 14% year-on-year revenue growth in the third fiscal quarter, reaching RMB 297.1 billion, which is higher than the firm's previous expectations, corresponding to a non-GAAP net profit margin of 1.5%. CICC raised its adjusted net profit forecast for JD.com in 2025 by 1.8% to RMB 27.5 billion, while maintaining the profit forecast for 2026 at RMB 38.4 billion; it maintained an "outperform" investment rating and a target price of $41, corresponding to an 11 times adjusted price-to-earnings ratio for 2026 and a 28.7% upside potential; the current stock price corresponds to 12/8 times adjusted price-to-earnings ratios for 2025/2026.
CICC expects that JD.com's daily sales in the third fiscal quarter will continue to maintain a rapid growth rate, with stable retail business profit margins and better-than-expected delivery performance, which may drive the net profit in the third fiscal quarter to exceed previous expectations
