智通财经网·2025-11-12 07:32Core Viewpoint - Dongfang Securities maintains a "Buy" rating for JD Group-SW (09618) and raises revenue forecasts for 2025-2027 to 1,331.2 billion, 1,409.4 billion, and 1,485.6 billion yuan respectively, with adjusted net profit estimates of 27.1 billion, 43.8 billion, and 52.5 billion yuan for the same period [1][2] Group 1 - The company expects JD Retail's revenue for Q3 2025 to reach 248.67 billion yuan, reflecting a year-on-year growth of 10.5%, driven by increased traffic from the peak season of food delivery, although partially offset by the base effect of national subsidies [2] - JD Retail's Q3 operating profit is projected to be 13.67 billion yuan, with an operating profit margin of 5.5%, benefiting from improved traffic growth and cost structure optimization due to synergies with food delivery [2] - The overall outlook for JD Retail remains positive, with expectations of sustained growth driven by synergies from food delivery optimization [2] Group 2 - The company has adjusted its target market value to 554.6 billion yuan, corresponding to a target share price of 190.96 HKD, based on a 9XPE valuation for retail and new businesses in 2026 [1]