智通财经网·2025-10-14 08:38Core Viewpoint - Citic Securities maintains a "Buy" rating for JD Group-SW (09618) with a target price of HKD 193.07, corresponding to a 12x PE for the group in 2026 [1] Financial Projections - Expected revenues for JD Group are RMB 1,324.3 billion and RMB 1,395.1 billion for 2025 and 2026, representing year-on-year growth of 14.28% and 5.34% respectively [1] - Non-GAAP net profits are projected to be RMB 28.166 billion and RMB 46.797 billion for 2025 and 2026 [1] Quarterly Performance Expectations - For Q3 2025, revenue is expected to grow by 13.5% year-on-year to RMB 295.539 billion, with a Non-GAAP net profit of RMB 4.4 billion, resulting in a net profit margin of 1.49%, down from 5.06% in the same period last year [1] Market Trends and Focus Areas - The daily essential goods category continues to show strong growth, maintaining high growth rates [1] - Profitability in the retail core business is expected to exceed expectations [1] - Key areas of focus include JD's takeaway order volume, user engagement (UE), sustainability of investments, and the growth performance during this year's Double 11 shopping festival amid the backdrop of reduced national subsidies [1]