中金预计，京东第三财季日百类别仍能维持较快增速，零售业务利润率稳健及外送优于预期，或带动第 三财季净利润超此前预期。 中金发布研报称，预测京东集团(09618,JD.US)第三财季营收将年增14%至2971亿元人民币(下同)，高于 该行先前预期，对应非通用准则净利率1.5%。中金调高京东2025年经调整净利预测1.8%至275亿元，维 持2026年盈利预测384亿元;维持"跑赢行业"的投资评级及目标价41美元，对应2026年11倍经调整本益比 和28.7%上行空间;目前股价对应25/26年12/8倍经调整本益比。 来源：智通财经网 ...

Core 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]