JD.com (JD US) Buy: JD Retail margin drives long-term upside

研报英文原文证据摘录

JD.com (JD US) Buy: JD Retail margin drives long-term upside

JD.com EV/EBITDA (x) 9.6 6.0 4.4 3.2

ROE (%) 11.6 14.8 18.3 19.4

remains committed to shareholder returns, with an estimated 6%-plus shareholder return

in 2026e providing valuation support. 52-WEEK PRICE (USD)

39.00

Updates on AI: Technology investment is expected to continue to trend up y-o-y in 2026

to support AI development. But we expect efficiency gains in S&M and supply chain to 31.00

more than offset the impact. JD highlighted a few AI applications: (1) Consumer-facing: 23.00

Jingyan, a self-developed AI agent, is designed to deliver a more efficient and convenient 05/25 11/25 05/26

Target price: 37.00 High: 37.25 Low: 25.40 Current: 30.53

shopping experience within the JD app. (2) Internal operation: Procurement and sales

agent can help analyse consumer market demand and automate routine operational Source: LSEG IBES, HSBC estimates

tasks. In addition, deployment of AI and robotics is increasing to expand automation

Charlene Liu*

coverage across JD’s logistics network; and (3) Merchant enablement: JD has Head of Internet and Gaming Research, Asia Pacific

developed AI tools to improve merchants’ operating efficiency and content creation, The Hongkong and Shanghai Banking Corporation

Limited, Singapore Branch

including the digital human livestreaming tool “JoyStreamers” and AI-powered customer charlene.r.liu@hsbc.com.sg

service solutions. These new initiatives can realize operating efficiency gain over time. +65 6658 0615

Charlotte Wei*

1Q26 results and 2Q26 expectations: Revenue was slightly ahead of expectations, Analyst, Internet Research

The Hongkong and Shanghai Banking Corporation Limited

+c5% yoy to RMB316bn, supported by faster growth in general merchandise. Services charlotte.wei@hsbc.com.hk