Lyon: Reiterates "Outperform" rating on JD.com Industrial, target price of HKD 21

Lion released a research report stating that it maintains a target price of 21 Hong Kong dollars for JD Industrial and reiterates its "outperform" rating. JD Industrial's revenue last year increased by 17.4% year-on-year to 24 billion yuan, in line with expectations. The total value of goods traded increased by 16.5% year-on-year to 33.5 billion yuan, and the gross profit margin expanded by 1.2 percentage points to 17.4%. This was mainly due to the benefits of upstream direct procurement and economies of scale, with a net profit margin calculated under international financial reporting standards of 4.7%.