Shenwan Hongyuan Securities·2025-07-12 14:35Investment Rating - The report maintains a "Buy" rating for JD [1][13][25] Core Views - JD's core retail business continues to show growth, with a strong focus on food delivery to synergize with its main operations [6][13] - The company is expected to achieve a revenue of RMB 335.7 billion in FY2Q25, representing a 15.2% year-over-year increase, with an adjusted net profit forecast of RMB 4.32 billion [7][8] - JD is expanding its overseas business in Europe, launching the Joybuy brand in London and enhancing its logistics capabilities [12][13] Financial Data and Profit Forecast - Revenue projections for JD are as follows: - 2023: RMB 1,084,662 million - 2024: RMB 1,158,819 million - 2025E: RMB 1,309,433 million (13.0% YoY growth) - 2026E: RMB 1,420,217 million (8.5% YoY growth) - 2027E: RMB 1,493,471 million (5.2% YoY growth) [5][16] - Non-GAAP net profit estimates: - 2025E: RMB 23,538 million - 2026E: RMB 42,638 million - 2027E: RMB 55,403 million [5][16] - The report anticipates JD's retail revenue to grow 14.7% YoY to RMB 294.9 billion in FY2Q25 [8][9] Business Expansion and Strategy - JD's food delivery service has seen a peak of over 25 million daily orders, with a focus on high-frequency consumption scenarios [9][11] - The company is investing in on-demand retail and exploring new business areas such as travel and hospitality [11][13] - JD's market share in the premium food delivery segment is 45%, indicating strong competitive positioning [9][12]