On Friday, shares of JD.com (JD.US) rose close to 5%, reaching $26.72. In a research report released on March 6, Goldman Sachs noted that although JD Retail's revenue saw a slight year-over-year decline in the fourth quarter due to high comparison figures from government trade-in subsidies, strong growth in advertising revenue and a continued narrowing of losses in the food delivery segment, along with management's cautiously optimistic guidance for 2026, all exceeded market expectations. Goldman Sachs stated that JD.com is an undervalued company with distinct competitive advantages, including leading retail scale, a unique "online direct sales + marketplace" model, and industry-leading self-built warehousing and supply chain capabilities. The company's 2026 guidance is positive, with mid-single-digit growth expected in retail, logistics revenue increasing by over 20%, and profit growth outpacing revenue expansion. Combined with accelerated AI implementation and new business investments, earnings resilience provides clear support and a margin of safety for valuation.
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