Goldman Sachs: Assigns JD-SW a "Buy" rating with a target price of HKD 187

Goldman Sachs released a research report stating that JD.com (09618) set a new sales record during the 22nd 618 Shopping Festival, with performance exceeding the bank's expectations (compared to Goldman Sachs' forecast, JD Retail's revenue is expected to grow by 13% year-on-year in Q2 2025/GMV is expected to grow by 13% year-on-year), maintaining a "Buy" rating with a 12-month target price of $48/187 HKD. The report indicates that JD's performance during 618 was strong, with the number of transacting users increasing by 100% year-on-year, far exceeding industry levels. JD announced a total order volume of 2.2 billion orders, averaging about 11.5 million orders per day (including JD Retail's online + offline orders, as well as peak delivery orders reaching 25 million), with good cross-selling performance between delivery and JD Retail products. JD's founder and chairman outlined the company's long-term strategic blueprint in domestic retail and six new businesses, including delivery, logistics, internationalization, and entering the travel accommodation booking industry, while launching a three-year zero-commission strategy. However, the bank expects JD to adopt a long-term gradual strategy in the local travel services sector