JD.com, Inc.: Be more bullish before significant growth re-acceleration occurs as early as Q3

研报英文原文证据摘录

JD.com, Inc.: Be more bullish before significant growth re-acceleration occurs as early as Q3

Equity Research

China Technology

13 May 2026

JD.com, Inc.

Be more bullish before significant

growth re-acceleration occurs as Earnings Review

JD OVERWEIGHTearly as Q3

Unchanged

1Q results were robust across all major segments with China Technology POSITIVE

general merchandise and marketplace / marketing revenue Unchanged

growth re-accelerating; Reiterate OW and PT edges higher to Price Target raised 5% fromUSDUSD43.0041.00

$43. Price (12-May-26) USD 31.49

Potential Upside/Downside +36.6%

Source: Bloomberg, Barclays Research

Summary: In 1Q, electronics and appliances segment revenues were down 8% yoy, better than

feared as last year’s 1Q was a high base because of government trade-in subsidies. Both JD’s

Market Cap (USD mn) 43009general merchandise segment and marketplace / marketing segment saw growth re-accelerate

Shares Outstanding (mn) 1365.82to 14.9% yoy and 18.8% yoy, respectively, up from 12.1% yoy and 15% yoy in Q4. These two

Free Float (%) N/Asegments have been growing in the teens over the last five quarters and we have highlighted in

52 Wk Avg Daily Volume (mn) 11.6the past that these two fast growing segments are under-appreciated by investors. Food

Dividend Yield (%) 3.17delivery losses in 1Q declined significantly qoq. JD delivered better than expected profits for

Return on Equity TTM (%) 6.14both JD retail and JD group. Looking ahead, Q2 is going to have an even tougher comp than Q1

Current BVPS (USD) 160.30as JD’s growth in 2Q last year for its electronics and appliance segment was 23.4% yoy, a record

Source: Bloomberg

in recent memory as 2Q25 was the peak of government trade-in subsidy induced electronics and

appliance purchases.