Broker: China Galaxy International Securities (Hong Kong) Co., Limited
Date of Report: April 15, 2026
Excerpt from China Galaxy International report.
Report Summary
- Stock: JD.com Inc (9618.HK)
- Action: Add (Reiterate)
- Target Price: HK\$137.0 (unchanged)
- Current Price: HK\$115.4
- Upside: 18.7%
- Key Highlights:
- 1Q26F results preview in line with expectations; revenue estimated to grow 4% YoY, mainly impacted by slower electronics and home appliance sales due to a high base last year.
- Non-GAAP net profit for 1Q26F likely down 60% YoY to RMB 5bn, with net profit margin narrowing 2.6 percentage points.
- New business losses expected to narrow quarter-on-quarter to RMB 13bn, mainly due to reduced food delivery losses. New business revenue projected to grow 80% YoY to RMB 10bn, driven by food delivery and international operations.
- Management maintains confidence in full-year guidance, expecting revenue growth to accelerate in 2H26F, with FY26F revenue forecasted at RMB 1,407bn (+7% YoY) and net profit at RMB 28.6bn (+6% YoY).
- Key drivers for a rerating: Stronger revenue growth in 1H26F and improved net profit margin.
- Risks: Weaker consumption in China, high food delivery subsidies, and aggressive overseas expansion potentially impacting margins and cash flow.
above is an excerpt from a report by China Galaxy International Securities (Hong Kong) Co., Limited. Clients of China Galaxy International Securities (Hong Kong) Co., Limited can be the first to access the full report from the China Galaxy International website : https://www.chinastock.com.hk
