Jingu Financial News | CICC released research reports, expecting that JD.com (09618/JD) will see revenue growth in 3Q24 in line with market expectations, benefiting from effective cost control and the increase in the proportion of service revenue. Non-GAAP net income may exceed expectations. JD.com has observed an improvement in consumer sentiment since September and has benefited from the nationwide initiative of trading in old appliances for new ones. The company's focus has shifted from focusing more on investment return and cost control margins to paying more attention to GMV and revenue growth. After the recent general market rise, the bank believes that core business providing quality and sustainable profit growth, as well as strengthened shareholder return measures, may be key factors driving further increases in JD.com's stock price.

The bank has raised its DCF-based target price by 3% to $53.5 (previously $51.9). Maintaining a "buy" rating.