Zhi Tong Cai Jing·2025-10-15 02:49Core Viewpoint - CICC predicts JD Group's Q3 revenue will increase by 14% year-on-year to 297.1 billion RMB, exceeding previous expectations, with a corresponding non-GAAP net profit margin of 1.5% [1] Revenue and Profit Forecast - CICC raises JD's adjusted net profit forecast for 2025 by 1.8% to 27.5 billion RMB, while maintaining the 2026 profit forecast at 38.4 billion RMB [1] - The investment rating is maintained at "outperform" with a target price of $41, corresponding to an 11x adjusted P/E ratio for 2026 and a 28.7% upside potential [1] Business Performance Expectations - CICC expects JD's Q3 daily category growth to remain robust, with stable retail business profit margins and better-than-expected delivery performance, potentially leading to Q3 net profit exceeding previous forecasts [1]