JD.com Investment Rating and Target Price (Table)

JD-SW (09618.HK) will announce its first quarter results for this year after the Hong Kong stock market closes next Tuesday (13th). Benefiting from the extension and expansion of the trade-in subsidy program to mobile phones and 3C electronics, the gross profit margin may benefit from the direct subsidies of national policies for self-operated home appliances and other product categories. According to a comprehensive analysis of 16 brokerages, JD's net profit attributable to ordinary shareholders under non-GAAP for the first quarter is expected to range from RMB 9.812 billion to RMB 11.47 billion, compared to RMB 8.899 billion in the same period last year, representing a year-on-year increase of 10.3% to 28.9%, with a median of RMB 10.647 billion, an annual increase of 19.6%.

Recently, JD launched the "Instant Delivery" service to challenge Meituan (03690.HK) "Flash Purchase," while Alibaba's Taobao has initiated the "Flash Purchase" feature, covering dozens of cities. Ele.me has also joined the battle with a subsidy of billions. Investors are paying attention to JD's management's views on competition in the related business sector and strategic guidance, particularly whether the investment in the food delivery business will lead to a downward adjustment of the group's full-year profit guidance.

The table below lists the investment ratings and target prices for JD (09618.HK) from 11 brokerages:

Brokerage│Investment Rating│Target Price

UBS│Buy│261 HKD

Jefferies│Buy│250 HKD

CMB International│Buy│240 HKD

DBS│Buy│228 HKD

HSBC Global Research│Buy│226 HKD

SPDB International│Buy│217 HKD

CITIC International│Outperform│213 HKD

China Merchants Securities International│Overweight│209 HKD

Goldman Sachs│Buy ("Conviction Buy" list)│204 HKD

Huatai Securities│Buy│192.42 HKD

Bank of America Securities│Buy│188 HKD

The table below lists the ratings and target prices for JD (JD.US) from 22 brokerages:

Brokerage│Investment Rating│Target Price

UBS│Buy│67 USD

Jefferies│Buy│64 USD

CMB International│Buy│62 USD

Haitong International│Outperform│60 USD

Huaxing Capital│Buy│59 USD

HSBC Global Research│Buy│58 USD

DBS│Buy│58 USD

SPDB International│Buy│56 USD

Nomura│Buy│55 USD

Daiwa│Buy│55 USD

Barclays│Overweight│55 USD

China Merchants International│Buy│55 USD

CITIC International│Outperform│54.6 USD

CICC│Outperform│54.7 USD

China Merchants Securities International│Overweight│54 USD

Goldman Sachs│Buy ("Conviction Buy" list)│52 USD

Citi│Buy│51 USD

Huatai Securities│Buy│49.58 USD

Deutsche Bank│Buy│49 USD

Bank of America Securities│Buy│48 USD

Citi│Outperform│45 USD

Morgan Stanley│In line with the market│41 USD