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2025-09-15 14:24:35
[The termination of the first-level entrance cooperation between JD.com and WeChat may be a win-win situation, and the impact on JD.com is controllable] ⑴ On Monday, Citi issued a report saying that although it was slightly surprised that JD.com (009618.HK) and Tencent (000700.HK) terminated the first-level entrance cooperation on WeChat, the impact is expected to be smaller than market expectations. The short-term fluctuation of JD.com's traffic is controllable, and JD.com's layout in new channels such as short video e-commerce in recent years will also help hedge the impact of traffic. ⑵ The bank believes that the termination of this cooperation may be a "win-win" for both parties. At the same time, based on JD.com's adjusted earnings per share of US$3.66 in 2026, it gives its US stock (JD.O) a target price of US$44 (corresponding to a discount of about 50% on the 23% CAGR of earnings per share from 2025 to 2027), and maintains Tencent's target price of HK$735.
