---
title: "HSBC Research: JD.com's new business investments drag down profits, target price lowered to 137 yuan"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278035030.md"
description: "HSBC's research report indicates that JD.com's new business investments may weigh on profitability, despite increased confidence in the general merchandise business, with revenue forecasts raised by 1% to 2%. Due to increased investments in overseas and Jingxi businesses, the pace of narrowing losses in new businesses is expected to slow. The target price has been lowered from HKD 144 to HKD 137, maintaining a \"Buy\" rating, suggesting an upside potential of approximately 38%"
datetime: "2026-03-06T06:15:15.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278035030.md)
  - [en](https://longbridge.com/en/news/278035030.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278035030.md)
---

# HSBC Research: JD.com's new business investments drag down profits, target price lowered to 137 yuan

HSBC Global Research published a research report stating that although sales of electronic products and home appliances continue to face challenges that may continue to drag down JD.com (09618.HK)(JD.US) revenue in 2026, the bank's confidence in the general merchandise business is increasing, driven by user expansion, particularly through cross-selling opportunities brought by food delivery.

The bank raised its revenue forecast for JD.com for 2026 to 2027 by 1% to 2%. However, due to potential increased investment in overseas and Jingxi businesses to explore new growth opportunities, the bank has become more cautious about the pace of narrowing losses in new businesses, with assumptions regarding food delivery remaining largely unchanged.

The bank lowered JD.com's target price from HKD 144 to HKD 137, implying about 38% upside potential. Based on the potential for profit recovery and attractive valuation, the bank maintains a "Buy" rating

### Related Stocks

- [KJD.US](https://longbridge.com/en/quote/KJD.US.md)
- [09618.HK](https://longbridge.com/en/quote/09618.HK.md)
- [06618.HK](https://longbridge.com/en/quote/06618.HK.md)
- [EBIZ.US](https://longbridge.com/en/quote/EBIZ.US.md)
- [JD.US](https://longbridge.com/en/quote/JD.US.md)
- [02618.HK](https://longbridge.com/en/quote/02618.HK.md)

## Related News & Research

- [JD.com Announces Completion of CNY10 Billion Offering of CNY-denominated Senior Notes | JD Stock News](https://longbridge.com/en/news/282336168.md)
- [DBS Remains a Buy on JD.com, Inc. Class A (9618)](https://longbridge.com/en/news/282801785.md)
- [Michael Burry buys JD, Alibaba shares; adds to Nvidia puts](https://longbridge.com/en/news/282375724.md)
- [JD.Com, Meituan, Alibaba Step Up Push Into Car Sales and Services](https://longbridge.com/en/news/282528809.md)
- [JD.com plans to launch ride-hailing service in mobility push, sources say](https://longbridge.com/en/news/282303299.md)