CITIC Securities has maintained its "Buy" rating for JD-SW (09618), setting a target price of HK$193.07, which corresponds to 12x PE for the group in 2026. The firm projects the company's revenue to reach RMB 1,324.3 billion and RMB 1,395.1 billion in 2025 and 2026 respectively, representing year-over-year growth of 14.28% and 5.34%. Non-GAAP net profit is expected to be RMB 28.166 billion and RMB 46.797 billion respectively.

The research house forecasts JD.com's Q3 2025 revenue to grow 13.5% year-over-year to RMB 295.539 billion, with Non-GAAP net profit of RMB 4.4 billion, corresponding to a net profit margin of 1.49%, compared to 5.06% in the same period last year. This quarter, the daily necessities category continues to show strong momentum, maintaining high growth rates. On the profit side, the retail core business profit is expected to outperform expectations.

Key areas to monitor include JD.com's food delivery order volume, unit economics (UE), investment sustainability, and the growth performance during this year's Double 11 shopping festival against the backdrop of reduced government subsidies.