China Securities Co., Ltd.: Maintains "buy" rating on JD-SW (09618) with a target price of HK$193.07.

China Securities Co., Ltd. has released a research report stating that it is maintaining a "buy" rating for JD-SW (09618) with a target price of 193.07 Hong Kong dollars, corresponding to a 12 times PE ratio for the group in 2026. It is also projected that the company's revenue in 2025 and 2026 will be 1.3243 trillion yuan and 1.3951 trillion yuan, with year-on-year growth rates of 14.28% and 5.34% respectively. The Non-GAAP net profit is expected to be 28.166 billion yuan and 46.797 billion yuan respectively. The bank predicts that JD's revenue in Q3 2025 will increase by 13.5% year-on-year to 295.539 billion yuan, with a Non-GAAP net profit of 4.4 billion yuan, corresponding to a net profit margin of 1.49%, compared to 5.06% in the same period last year. The strong performance in the retail sector is expected to continue, and profits are expected to be better than expected. The focus is on the volume of orders for JD Takeaway, UE, sustainability of investments, and growth during JD's Double 11 this year against the backdrop of national subsidy reductions.