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<Research>CICC Estimates JD.com (JD.US) 4Q Adj. NP to Fall 93% YoY, Keeps Outperform Rating
Recommend 18 Positive 10 Negative 7 |
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CICC released a research report predicting that JD-SW (09618.HK)'s 4Q25 non-GAAP net profit will be RMB810 million, down 93% YoY. Quarterly revenue is expected to grow by 0.6% YoY to RMB349 billion, basically in line with the broker's previous expectations. CICC maintained its expectation that JD Retail's operating profit margin may be under pressure, and believed that losses in the food delivery business can continue to narrow QoQ. The broker remained its full-year adjusted net profit forecast at RMB26.8 billion. Due to uncertainties in food delivery competition and subsidies, CICC lowered its 2026 profit forecast by 6.2% to RMB36.1 billion, with 2027 profit forecast at RMB38.2 billion. Therefore, the broker kept rating at Outperform, with a target price of US$41 for JD-SW's US stock. AASTOCKS Financial News Website: www.aastocks.com |
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