Goldman Sachs released a research report stating that JD-SW (09618) delivered robust Q3 revenue growth, rising 15% year-on-year, surpassing the bank's and market expectations by 1% and 2%, respectively. JD Retail's profit margin also hit a record high of 5.9%.

The report noted that JD Retail's profit for the first nine months remained solid, increasing 34% year-on-year, already exceeding full-year FY2024 levels. This performance may prompt JD to adopt an aggressive investment strategy in new growth areas.

Goldman Sachs highlighted JD's retail scale, unique 1P online direct sales and marketplace model, supported by in-house warehousing and supply chain capabilities. The bank reiterated a "Buy" rating, with a target price of $45 for JD.com (JD.US) and HK$174 for JD-SW.