Goldman Sachs: JD.com's third-quarter revenue growth is solid, rating "Buy"

AASTOCKS
2025.11.14 08:29

Goldman Sachs published a research report indicating that JD-SW (09618.HK) experienced robust revenue growth in the third quarter, increasing by 15% year-on-year, which is 1% and 2% higher than the bank's and market forecasts, respectively. JD's retail profit margin reached a record high of 5.9%. The bank believes that JD's retail profits for the first nine months are solid, increasing by 34% year-on-year, surpassing the full-year level for the fiscal year 2024, and may prompt JD to adopt an aggressive investment strategy in new growth areas.

The bank stated that based on JD's retail scale, along with its unique 1P online direct sales and marketplace platform model, supported by internal warehousing and supply chain capabilities, it assigns a "Buy" rating, with a target price of $45 for US stocks (JD.US) and a target price of HKD 174

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