海通国际：予京东集团-SW目标价167港元 维持“优于大市”评级

Core Viewpoint - JD Group's revenue for the second quarter increased by 22.4% year-on-year, marking the highest growth rate in three years [1] - The gross profit margin rose by 0.12 percentage points to 15.88%, with retail gross profit margin showing continuous growth for 13 consecutive quarters, indicating improved operational efficiency [1] - Future gross profit margins are expected to have further improvement potential [1] Revenue Forecast - Haidong International has adjusted JD's projected revenue for the years 2025 to 2027 to 1,332.4 billion, 1,440.2 billion, and 1,527.3 billion respectively [1] - The target price for JD is set at 167 HKD, maintaining an "outperform the market" rating [1]