CICC: JD Group-SW (09618) retail revenue is expected to be steady in the third quarter

The Zhitong Finance App learned that CICC released a research report that predicts steady retail revenue performance for the third quarter of JD Group-SW (09618). The Group's third-quarter revenue will increase 3.5% year over year to 309.5 billion yuan. Non-GAAP net profit is expected to increase 41% year over year to 8.16 billion yuan, and the non-GAAP net interest rate reached about 2.6%; the bank maintained the JD.US (JD.US) “outperform the industry” rating and target price of 36 US dollars.

The bank expects retail revenue from JD to grow 3% year on year. Among them, the electric category gradually escaped the impact of the high base in the same period last year, which is slightly better than the bank's previous expectations; the daily use department store revenue increased 7.5% year on year, which is faster quarterly; and commission and advertising revenue increased 9.4% year on year. The bank expects the Group's overall gross margin to reach 17.6% in the third quarter, mainly benefiting from continuous optimization of supply chain management capabilities. JD's retail operating profit margin stabilized at a high level of 5.7% year-on-year.