Oriental Securities: Maintains Buy rating on JD.com with a target price of HK$156.59

Eastern Securities on JD Group-SW released a research report stating that the company's e-commerce main business maintained a relatively high growth rate with the support of national subsidies, but increased investment in takeout delivery dragged down the overall profit level. After the leveling of the national subsidy base in the second half of the year, the company's profit growth rate may further decline. It is predicted that the company's revenue for the years 2025 and 2027 will be 1,289.1/1,369.9/1,432.3 billion yuan, adjusted net profit attributable to the mother will be 23.3/43.4/50.9 billion yuan. The "buy" rating is maintained, with a target price of 156.59 Hong Kong dollars.