bingoplus| Research and report on the Nuggets| CICC: Raise Jingdong's target price to US$41 and increase its profit forecast for this year and next

CICC releases reportbingoplus, Jingdong's supermarket and advertising revenue recovered in the first quarterbingoplus, Non-GAAP net income increased by 17% year-on-yearbingoplus.2% to 8.9 billion yuan, exceeding market expectations by 20%. Mainly because Jingdong's retail and logistics profit margins exceeded expectations, it raised its target price by 28% to US$41, maintaining its "outperform industry" rating.

CICC said that due to the improvement in JD's gross profit margin exceeding expectations, it raised its Non-GAAP net profit forecast by 2% and 1% respectively this year and next to 36.3 billion and 40.1 billion yuan, with year-on-year increases of 3% and 11% respectively.