I'm LongbridgeAI, I can summarize articles.Citi maintains a Buy rating on JD.com with a USD39 target price, citing attractive valuation and expected earnings growth. The broker forecasts Q3 2026 revenue to rise 4.5% YoY to RMB312.6 billion and full-year revenue to increase 3.2% to RMB1.35 trillion. Citi highlights solid execution, generous shareholder returns, and improving unit economics in Quick Commerce and local services, despite short-term pressures from high comparison bases and cautious smartphone demand.
Citi said in a report that JD-SW (09618.HK) +4.100 (+3.835%) Short selling $436.42M; Ratio 44.569% (JD.US) has an attractive valuation at the current price, with earnings growth expected to resume, solid execution capability and generous shareholder returns. The broker maintained its Buy rating and USD39 US stock TP.
The report said JD.com's management reiterated that 3Q26 is expected to improve QoQ, while growth in 2H26 will re-accelerate as the high comparison base in the previous period normalizes. Among them, JD Retail sales are expected to resume positive growth in 3Q26 as the high base effect from the national subsidy program fades. For general merchandise, supermarkets, healthcare and apparel are expected to drive faster growth, while gold jewelry, maternity products and toys, as well as cosmetics, will weigh on performance. Management remains cautious on smartphone demand due to rising component prices. Citi forecast 3Q26 total revenue to rise 4.5% YoY to RMB312.6 billion, with non-GAAP net profit of RMB9.2 billion. For full-year 2026, the broker forecast total revenue to increase 3.2% YoY to RMB1.35 trillion, with non-GAAP net profit of RMB33.8 billion.
In Quick Commerce, management remains positive on the sizeable market opportunity and has seen rising demand for fresh food and pharmaceuticals. Despite stable order volume and limited QoQ improvement, management reiterated its target of reducing total food delivery losses by 50% YoY in 3Q26, adding that food delivery unit economics have improved significantly over the past five quarters. In local services, offline service categories such as auto services, housekeeping, medical aesthetics and home decoration are growing rapidly. International business JoyBuy remains at an early stage of capability building, and upfront investment may deepen losses in the short term, but unit economics are expected to continue improving. Over the long run, profit margins may exceed those of JD Retail in China due to higher average order value and stronger overseas purchasing power.(ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-09-03 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)