招商证劵：京东集团第一季业绩超预期 维持目标价209港元

Core Viewpoint - JD Group's Q1 performance exceeded expectations, leading to a target price of HKD 209, indicating a potential upside of 53% and a rating of "Buy" [1] Financial Performance - JD's retail and takeaway business revenue forecasts for FY 2025/26 have been raised by approximately 2% and 3% respectively [1] - The expected year-on-year revenue growth for JD's retail segment is projected at 14% and 11% for FY 2025/26 [1] Strategic Insights - The upcoming 618 shopping festival is identified as a critical moment to observe the company's strategic adjustments [1] - The core business valuation is considered attractive, with a potential shareholder return yield of 7.6% [1]