Haitong International: Gives JD-SW a target price of HKD 167 and maintains an "Outperform" rating

Haitong International released a research report stating that JD Group-SW's revenue in the second quarter increased by 22.4% year-on-year, achieving the highest growth rate in three years; during the period, the gross profit margin rose by 0.12 percentage points year-on-year to 15.88%, and the retail gross profit margin achieved year-on-year growth for 13 consecutive quarters, reflecting continuous improvement in operational efficiency, with further room for improvement in gross profit margin expected. Haitong International adjusted JD's operating revenue for the years 2025 to 2027 to 1,332.4 billion, 1,440.2 billion, and 1,527.3 billion yuan respectively, setting a target price of HKD 167 and maintaining an "outperform the market" rating