JD(09618) 智通财经网·2025-05-16 03:05Core Viewpoint - Goldman Sachs believes JD Group (09618) is an undervalued differentiated company in the Chinese internet sector, maintaining a buy rating and a target price of HKD 194, as the company is expected to benefit from domestic consumption policies, category expansion, and ongoing shareholder returns, which will further drive valuation multiples expansion [1] Group 1: Financial Performance - JD's retail revenue growth accelerated beyond expectations, with management raising the full-year growth target to double digits, leading to a slight positive stock reaction (ADR +3%) [2] - JD's adjusted EBIT for retail grew by 38% year-on-year, surpassing both Goldman Sachs' forecast of 28% and the market's expectation of 16%, driven by the unique self-operated business model and strong profitability from the third-party platform [3] Group 2: Business Expansion - The company's entry into the food delivery business is recognized as a future driver of new user traffic, with daily order volume rapidly increasing to nearly 20 million [4] - The strong retail profits and logistics growth, along with the ability to reallocate a marketing budget of RMB 50 billion annually, will support the food delivery business, which is expected to enhance customer retention and acquisition [5] Group 3: Valuation and Market Position - JD's current stock price corresponds to a retail P/E ratio of 8 times and a group P/E ratio of 10 times, which is considered attractive compared to the e-commerce sector (10-14 times) and the average of internet peers (17 times) [5]