multicade| Furui: Maintain Jingdong Group-SW's "Buy" rating and raise its target price to HK$161

Furui released a research report sayingmulticade, maintains the "Buy" rating of Jingdong Group-SW (09618) and has strong operating capabilities in the supermarket category, which is expected to be the main driver of growth, with the target price increased from HK$147 to HK$161.

The report stated that the company's revenue in the first quarter of this year was in line with expectations, while non-GAAP profits exceeded expectations. Management mentioned that the number of users and shopping frequency both showed a steady growth trend. The bank believes that thanks to the Group's multi-faceted deepening strategy on the e-commerce platform, the paid user experience has been improved, which is the key to promoting GMV and improving profitability.