海通国际：予京东集团-SW(09618)目标价167港元 维持“优于大市”评级

Group 1 - JD Group-SW (09618) reported a 22.4% year-on-year revenue growth in the second quarter, marking the highest growth rate in three years [1] - Gross margin increased by 0.12 percentage points year-on-year to 15.88%, with retail gross margin achieving continuous growth for 13 consecutive quarters, indicating improved operational efficiency [1] - Haitong International adjusted JD's projected revenue for 2025 to 2027 to 1,332.4 billion, 1,440.2 billion, and 1,527.3 billion yuan respectively, maintaining a target price of 167 HKD and an "outperform" rating [1]