Haitong International Cuts JD.com, Inc. TP to USD34, Reiterates Outperform Rating
I'm LongbridgeAI, I can summarize articles.Haitong International cut JD.com's target price to USD34 from USD35 and reiterated its 'Outperform' rating. The broker cited weaker revenue but stronger earnings in Q2 2026, with non-GAAP net profit rising 20.8% YoY. While expecting core business improvement in Q3 2026, Haitong remains cautious on electronics recovery due to high prices. The firm lowered next year's net profit forecast by 2% due to increased investments in Jingxi and overseas operations.
Haitong International issued a research report saying that JD.com, Inc. (JD.US) posted weaker revenue but stronger earnings in 2Q26. Revenue fell 2.9% YoY to RMB346 billion, while JD Retail revenue declined 4.7% YoY to RMB295 billion. Group gross margin rose 1.2 ppts to 17.1%, while Non-GAAP net profit increased 20.8% YoY to RMB8.9 billion.
The broker expected JD.com, Inc. (JD.US) 's core business to continue improving in 3Q26, with retail business growth returning to a normal track. Due to higher prices of electronic products and the related pressure on consumer demand, the broker remained cautious on the recovery of electronics products and home appliances. Daily necessities are expected to continue recovering QoQ, while gold and home-related categories may remain under pressure.
The broker lowered its forecast for JD.com, Inc. (JD.US) 's net profit next year by 2%, reflecting increased investment in Jingxi and overseas businesses. It also cut the TP from USD35 to USD34, while maintaining the "Outperform" rating. (sl/u)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)