交银国际研究 公司更新 收盘价 目标价 潜在涨幅 港元 14.92 港元 18.00↑ +20.6% 互联网 2024 年 11 月 15 日 京东物流 (2618 HK) 3 季度利润超预期，预计 2024 年利润率 4%+，进入相对稳定阶段 3 季度利润再次好于市场预期，预计 4 季度净利润仍在 20 亿元+水平，对应利 润率 4%+。预计 2025 年利润率进入相对稳定阶段，基于行业平均 13 倍市盈率 及 2025 年 79 亿元净利润，目标价上调至 18.0 港元， 维持买入。 2024 年 3 季度收入符合预期，利润大幅好于预期。收入同比增 7%至 444 亿元（人民币，下同），其中内部收入/外部一体化/外部其他收入同比增 8%/1%/8%。毛利率同比提升近4个百分点至12%，调整后净利润26亿元， 同比约 2 倍增长，对应净利润率 5.8%，为上市以来季度最高水平，对比我 们预期的净利润/净利润率 11 亿元/2.5%。公司通过升级产品和网络结构、 优化运力调度、增加自有车辆占比、提升设备自动化设备水平等降低成 本，实现盈利能力大幅改善。 预计利润率进入相对稳定阶段。维持 2024 全年收入增长 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 1 JD Logistics, Inc. 京東物流股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2618） 截 至 2024 年 9 月 3 0 日止三個月 財務信息及業務亮點 京东物流股份有限公司（「本公司」或「京東物流」）董事（「董事」）會（「董事會」）欣然宣佈 本公司、其子公司與關聯併表實體（統稱「本集團」）截至2024年9月30日止三個月的未經 審計財務信息及業務亮點。以下財務信息已經本公司審計委員會審閱。 於 本 公 告 中，「我 們」指 本 公 司，倘 文 義 另 有 所 指，指 本 集 團。此 外，「京東集團」指 JD.com, Inc.（納斯達克代碼：JD；香港聯交所代號：9618（港幣櫃台）及89618（人民幣櫃 台））及其子公司，包括京东健康股份有限公司（香港聯交所代號：6618（港幣櫃台）及 86618（人民幣櫃台））與其關聯併表實體，不包括本集團。於 ...

研究报告 Research Report [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$14.86 目标价 HK$19.91 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$98.46bn / US$12.66bn 日交易额 (3 个月均值) US$20.91mn 发行股票数目 6,626mn 自由流通股 (%) 36% 1mth 3mth 12mth 绝对值 45.1% 78.6% 56.4% 绝对值（美元） 45.5% 79.4% 57.4% 相对 MSCI China 28.0% 65.0% 41.6% [Table_Profit] Rmb mn Dec-23A Dec-24E Dec-25E Dec-26E Revenue 166,625 176,002 194,821 215,303 Revenue (+/-) 21% 6% 11% 11% Net profit 2,761 6,788 11,5 ...

2024 年 10 月 16 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|-------------------------------|----------------|----------------|-----------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|---------|----------------------------|--------------------------|--------- ...

交银国际研究 | --- | --- | --- | --- | --- | |----------|--------------|---------------|----------------------------------------------|-------------------------------| | 公司更新 | | | | | | | | | | | | 互联网 | 收盘价 | 目标价 | 潜在涨幅 | 2024 年 10 月 14 日 | | | 港元 13.42 | 港元 16.30↑ | +21.5% | | | 京东物流 | (2618 HK) | | | | | 3 | | | 季度预览：收入符合预期，利润有望再超市场预期 | | 2024 年 3 季度预览：预计 3 季度收入同比增 6%至 442 亿元（人民币，下 同），符合此前我们和市场的预期，同比增速对比 2 季度的 8%，趋势与 社零保持一致。预计调整后净利润为 10.9 亿元，同比增 29%，较我们此前 预期上调 15%，对比市场预期的 7.2 亿元高 51%。预计调整后净利润率为 2.5%，同比提升 50 个 ...

Financial Performance - JD Logistics' total revenue for the first half of 2024 reached RMB 86.3 billion, a year-on-year increase of 11.0%[7] - External customer revenue for the first half of 2024 was RMB 59.9 billion, accounting for 69.4% of total revenue, with a year-on-year growth of 11.2%[7] - Non-IFRS profit for the first half of 2024 was RMB 3.1 billion, a significant increase of 2,631.2% year-on-year[7] - Non-IFRS EBITDA for the first half of 2024 was RMB 9.3 billion, with a profit margin of 10.8%, up 3.3 percentage points year-on-year[6] - Revenue from integrated supply chain customers reached RMB 41.8 billion in H1 2024, with external customers contributing RMB 15.4 billion[10] - Revenue from other clients grew 14.5% YoY to RMB 44.5 billion in H1 2024[13] - The company's revenue increased by 11.0% year-over-year to RMB 86.3 billion in the first half of 2024, driven by growth in both integrated supply chain and other customer segments[31] - Revenue from integrated supply chain customers grew by 7.6% year-over-year to RMB 41.8 billion in the first half of 2024, with the number of external integrated supply chain customers increasing from 60,792 to 64,379[31] - Revenue from other customers increased by 14.5% year-over-year to RMB 44.5 billion in the first half of 2024, primarily due to higher business volume in express delivery services[31] - The company's non-IFRS profit for the period was RMB 3.1 billion in the first half of 2024, compared to RMB 114 million in the same period of 2023[30] - Total revenue increased to RMB 86,344,759 thousand in 2024, up from RMB 77,761,309 thousand in 2023, representing an 11.0% growth[32] - Operating costs rose by 7.1% to RMB 77.9 billion in 2024 from RMB 72.7 billion in 2023, with the cost-to-revenue ratio decreasing by 3.4 percentage points to 90.2%[35] - Gross profit surged to RMB 8.5 billion in 2024 from RMB 5.0 billion in 2023, with the gross margin improving from 6.5% to 9.8%[37] - Net profit for the first half of 2024 was RMB 2.6 billion, a significant turnaround from a net loss of RMB 0.5 billion in the same period of 2023[41] - Non-IFRS profit for the first half of 2024 was RMB 3.1 billion, compared to RMB 0.1 billion in 2023, with the non-IFRS profit margin increasing to 3.6% from 0.1%[45] - Revenue for the first half of 2024 increased to RMB 86,344.8 million, up from RMB 77,761.3 million in the same period of 2023[106] - Gross profit for the first half of 2024 rose to RMB 8,484.1 million, compared to RMB 5,029.9 million in the first half of 2023[106] - Net profit attributable to the company's owners for the first half of 2024 was RMB 2,264.2 million, a significant improvement from a loss of RMB 637.2 million in the same period of 2023[105] - Total comprehensive income for the first half of 2024 was RMB 2,680.3 million, up from RMB 664.9 million in the first half of 2023[108] - Basic earnings per share for the first half of 2024 were RMB 0.36, compared to a loss per share of RMB 0.10 in the same period of 2023[107] - Total revenue for the six months ended June 30, 2024, was RMB 86,344,759 thousand, up from RMB 77,761,309 thousand in the same period of 2023[126] - Revenue recognized over time accounted for RMB 82,688,932 thousand in 2024, compared to RMB 74,675,740 thousand in 2023[126] - Basic earnings per share attributable to the company’s owners improved to RMB 0.36 in 2024 from a loss of RMB 0.10 in 2023[134] Operational Metrics - Integrated supply chain customer revenue for the first half of 2024 reached RMB 41.8 billion, with external integrated supply chain customer revenue at RMB 15.4 billion[8] - The number of external integrated supply chain customers increased to 64,379 in the first half of 2024, a year-on-year growth of 5.9%[8] - Average revenue per external integrated supply chain customer was RMB 239,000 in the first half of 2024[8] - Overseas integrated supply chain logistics revenue maintained rapid growth, with warehouses covering 18 countries and regions[9] - JD Logistics operates over 1,600 warehouses, 19,000 delivery stations, and employs nearly 340,000 self-operated delivery personnel as of June 30, 2024[9] - External integrated supply chain customers increased by 5.9% to 164,379, with average revenue per customer at RMB 239,000[10] - Inventory turnover efficiency improved by 20% and on-time delivery rate increased by 23% for a major home appliance client in Q2 2024[11] - International integrated supply chain logistics revenue showed rapid growth, with overseas warehousing and distribution services becoming a preferred choice for clients[11] - JD Logistics provided end-to-end automotive parts supply chain services for a Chinese auto brand, reducing overseas dealers' procurement cycles and delivery times[12] - The company's same-city 4-hour delivery orders in Hong Kong and Macau continue to increase[14] - The company has deployed over 2,000 new energy vehicles in the first half of 2024, bringing the total number of self-operated vehicles to approximately 50,000[21] - The company operates 42 Asia No.1 smart industrial parks across 30 cities in China as of June 30, 2024[20] - The company's warehousing network covers nearly all counties in China, with over 1,600 self-operated warehouses and 2,000 cloud warehouses, totaling over 32 million square meters[19] - The company has 7 self-owned cargo aircraft in operation as of June 30, 2024, with new international routes opened between China and South Korea, as well as China and Vietnam[21] - The company operates a last-mile delivery network with nearly 340,000 self-owned delivery personnel and over 19,000 delivery stations, covering more than 300 cities across 33 provinces in China[22] - The company manages over 200 large-item warehouses and sorting centers, with a total management area exceeding 4 million square meters[23] - The company operates approximately 60 cold chain warehouses for fresh and frozen food, covering 400,000 square meters, and over 30 specialized warehouses for pharmaceuticals and medical devices, covering 300,000 square meters[24] - The company has nearly 100 bonded, direct mail, and overseas warehouses, with a total management area close to 1 million square meters, and has established overseas warehouses in 18 countries and regions[25] - The company added over 2,000 new energy vehicles in the first half of 2024 and used over 20,000 MWh of green electricity, contributing to carbon reduction efforts[26] - The number of integrated supply chain customers increased to 41,800,092 in 2024 from 38,852,514 in 2023[121] - Other customers grew to 44,544,667 in 2024 from 38,908,795 in 2023[121] Technology and Innovation - JD Logistics has over 4,000 R&D professionals as of June 30, 2024, focusing on automation, digitalization, and intelligent decision-making[9] - The company has over 4,000 authorized patents and software, with more than 2,000 related to automation and unmanned technologies[17] - The company's Supply Chain Emission Management Platform (SCEMP) has been adopted by over 25 global clients for carbon emission monitoring as of June 2024[17] - The company has optimized its warehousing operations by reducing handling distances and improving picking efficiency through digital mapping and layout adjustments[15] - The company has expanded its next-morning delivery service in core cities like Beijing and Shanghai, enhancing customer experience and driving business growth[14] - The company has integrated Deppon Logistics and JD Logistics' freight networks, achieving cost reductions and efficiency improvements[14] Financial Position and Cash Flow - Total cash resources as of June 30, 2024, amounted to RMB 42.1 billion[50] - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB 7,382,334 thousand[51] - Free cash inflow for the six months ended June 30, 2024, was RMB 1.4 billion, compared to a free cash outflow of RMB 2.1 billion in the same period of 2023[51] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 1,709,497 thousand[53] - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 5,995,724 thousand[54] - Capital gearing ratio as of June 30, 2024, was approximately 15.4%[55] - The company had no significant acquisitions or disposals of subsidiaries and associates during the six months ended June 30, 2024[55] - The company made no significant investments during the six months ended June 30, 2024[56] - The company has no significant investment or capital asset plans as of June 30, 2024[57] - Total assets as of June 30, 2024, were RMB 111,451.3 million, slightly down from RMB 112,901.7 million as of December 31, 2023[110] - Property, plant, and equipment decreased to RMB 15,733.8 million as of June 30, 2024, from RMB 16,060.4 million as of December 31, 2023[110] - Cash and cash equivalents increased to RMB 17,919.8 million as of June 30, 2024, from RMB 17,207.0 million as of December 31, 2023[110] - Trade receivables rose to RMB 15,111.2 million as of June 30, 2024, from RMB 14,709.1 million as of December 31, 2023[110] - Total equity increased to RMB 58,269,322 thousand as of June 30, 2024, up from RMB 55,373,635 thousand at the end of 2023[111] - Net profit for the period reached RMB 2,264,189 thousand, contributing to a total comprehensive income of RMB 2,395,358 thousand[112] - Operating cash flow from activities amounted to RMB 7,382,334 thousand, a significant increase from RMB 4,298,913 thousand in the same period last year[114] - Non-current liabilities decreased to RMB 17,945,699 thousand from RMB 18,196,682 thousand at the end of 2023[111] - Current liabilities reduced to RMB 35,236,258 thousand compared to RMB 39,331,400 thousand at the end of 2023[111] - Investment activities used a net cash of RMB 709,497 thousand, a decrease from RMB 7,281,769 thousand in the same period last year[114] - The company's total assets and liabilities amounted to RMB 111,451,279 thousand as of June 30, 2024[111] - Non-controlling interests increased to RMB 7,493,421 thousand from RMB 7,215,720 thousand at the end of 2023[111] - The company's reserves grew to RMB 74,557,717 thousand, up from RMB 74,198,356 thousand at the end of 2023[111] - Accumulated losses decreased to RMB 23,782,795 thousand from RMB 26,041,416 thousand at the end of 2023[111] - Net cash used in financing activities was RMB 5,995,724 thousand in 2024, compared to RMB 3,722,457 thousand in 2023[115] - Net increase in cash and cash equivalents was RMB 677,113 thousand in 2024, a significant improvement from a net decrease of RMB 6,705,313 thousand in 2023[115] - The company's cash and cash equivalents at the end of June 2024 stood at RMB 17,919,821 thousand, compared to RMB 15,456,398 thousand at the end of June 2023[115] Human Resources and Compensation - The company's total human resources expenditure, including self-owned and external personnel, reached RMB 86 billion in the 12 months ending June 30, 2024[26] - Employee compensation and benefits increased by 14.9% to RMB 29.9 billion in 2024, driven by the expansion of the operational workforce[35] - Sales and marketing expenses grew by 18.1% to RMB 2.8 billion in 2024, primarily due to the expansion of the sales and marketing team[38] - R&D expenses remained stable at RMB 1.7 billion in 2024, consistent with the previous year[39] - Total number of employees as of June 30, 2024, is 451,823, with operations staff accounting for 430,221 (95.2%)[58] - Employee compensation and benefits expenses, including share-based payments, reached RMB 33.5 billion for the first six months of 2024, a 13.6% YoY increase from RMB 29.5 billion in 2023[58] - Employee compensation and benefits expenses rose to RMB 33,509,170 thousand in 2024, up from RMB 29,490,847 thousand in 2023[132] Shareholder and Equity Information - Liu Qiangdong holds a 64.80% stake in the company with 4,291,457,805 shares as of June 30, 2024[62] - Liu Qiangdong holds 343,005,330 JD.com shares, representing 11.6% beneficial ownership and 71.5% of total voting rights as of June 30, 2024[67] - Max Smart Limited directly holds 22,974,550 Class A ordinary shares and 305,630,780 Class B ordinary shares, with Liu Qiangdong having the right to acquire 14,400,000 Class A ordinary shares upon exercising options[68] - Liu Qiangdong holds a 68.50% interest in JD Health through controlled entities, with 2,184,655,829 shares[70] - Liu Qiangdong holds a 100.00% interest in China Logistics Assets through controlled entities, with 3,474,283,058 shares[70] - JD.com holds a 63.31% interest in Jingdong Technology Group Corporation, with 4,192,271,100 shares[73] - TCT (BVI) Limited holds a 7.71% interest in JD.com, with 510,353,640 shares as a trustee[73] - During the reporting period, 31,602,460 new shares were issued or may be issued under the post-IPO share option plan and share award plan, representing approximately 0.48% of the weighted average number of issued shares[76] - The total number of shares available for issuance under the post-IPO share incentive plan is 609,160,767, not exceeding 10% of the issued shares post-listing[79] - As of June 30, 2024, 493,336,228 reward shares are available for issuance under the post-IPO share incentive plan, down from 519,696,156 at the start of the year[80] - During the reporting period, 32,562,947 reward shares were granted and 6,203,019 shares were forfeited/cancelled under the post-IPO share incentive plan[80] - The number of new shares available for issuance under the post-IPO share incentive plan decreased from 280,860,767 on January 1, 2024 to 266,860,767 on June 30, 2024[81] - 14,000,000 new shares were issued during the reporting period under the post-IPO share incentive plan[81] - The maximum number of shares that can be issued under the post-IPO share incentive plan is 609,160,767, representing 10% of the post-listing issued share capital[81] - As of June 30, 2024, 119,542,949 share options remained unexercised under the pre-IPO employee share incentive plan[78] - During the reporting period, 4,375,417 share options were exercised and 5,208,662 options expired under the pre-IPO employee share incentive plan[78] - The total number of shares available for issuance under the post-IPO share option plan remained unchanged at 609,160,767 as of both January 1, 2024 and June 30, 2024[79] - Unvested reward shares as of June 30, 2024: 9,071,204 shares (April 1, 2022), 17,553,470 shares (April 1, 2023), and 7,154,393 shares (October 1, 2023)[84] - Unvested reward shares as of June 30, 2024: 642,625 shares (July 1, 2023), 2,421,316 shares (October 1, 2023), and 88,962 shares (May 28, 2024)[85] - Unvested reward shares as of June 30, 2024: 35,712 shares (October 1, 2022), 14,812 shares (July 1, 2022), and 96,525 shares (June 28, 2024)[85] - Unvested reward shares as of June 30, 2024: 70,000 shares (July 1, 2022), 100,000 shares (April 1, 2022), 177,750 shares (April 1, 2023), and 112,500

研究报告 Research Report 28 Aug 2024 京东物流 JD Logistics (2618 HK) 24Q2 降本增效成果显著，利润率提升超预期 Q2 2024 Cost Reduction and Efficiency Gains Boost Profit Margins Beyond Expectations [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | --- | --- | |--------------------------------|---------------|------------------------|------------------| | [Table_Info] 维持优于大市 | | | | | 评级 | | 优于大市 | OUTPERFORM | | 现价 | | | HK$9.37 | | 目标价 | | | HK$14.61 | | HTI ESG | | | 5.0-5.0-5.0 | | | | | | | 市值 | | HK$62.09bn / US$7.96bn | | | 日交易 ...

研究报告 Research Report 28 Aug 2024 京东物流 JD Logistics (2618 HK) 24Q2 降本增效成果显著，利润率提升超预期 Q2 2024 Cost Reduction and Efficiency Gains Boost Profit Margins Beyond Expectations [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | --- | --- | |--------------------------------|---------------|------------------------|------------------| | [Table_Info] 维持优于大市 | | | | | 评级 | | 优于大市 | OUTPERFORM | | 现价 | | | HK$9.37 | | 目标价 | | | HK$14.61 | | HTI ESG | | | 5.0-5.0-5.0 | | | | | | | 市值 | | HK$62.09bn / US$7.96bn | | | 日交易 ...

2024 年 08 月 20 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn [Table_Title] 盈利能力大幅改善，重点关注外单成长性兑现 ——京东物流（02618）2024 半年度业绩点评 事件: 最近一年走势 相对恒生指数表现 2024/08/20 表现 1M 3M 12M 京东物流 19.5% -1.6% -7.6% 恒生指数 0.5% -10.8% -2.4% | --- | --- | |------------------------|------------| | 市场数据 | 2024/08/20 | | 当前价格（港元） | 9.74 | | 52 周价格区间（港元） | 6.61-11.08 | | 总市值（百万港元） | 64,538.04 | | 流通市值（百万港元） | 64,538.04 | | 总股本（万股） | 662,608.18 | | 流通股本（万股） | 662,608.18 | | 日均成交额（百万港元） | 163.13 | | 近一月换手（%） | 2.13 | 相关 ...

京东物流（02618.HK）：成本管控卓 有成效，Q2 业绩超预期 事件：上半年京东物流实现营收 863.45 亿元，同比增长 11.0%，实现归母净 利润 22.6 亿；实现调整后净利润 31.2 亿元，较去年同期的 1.14 亿元大幅增 长。公司二季度单季实现调整后净利润 24.6 亿元，较 23Q2 的 8.3 亿元提升 197%。 外部客户收入稳步提升，其他客户收入增长较快：公司上半年营收同比增长 11.0%，其中来自京东集团收入 264 亿元，同比增长 10.7%，来自外部客户的 收入 599 亿元，同比增长 11.2% 外部客户中，一体化供应链客户收入为 154 亿元，同比增长 2.7%，其中客户 数量由去年同期的 6.08 万名提升 5.9%至报告期的 6.44 万名，而单客户平均 收入略降，由 24.7 万元降至 23.9 万元；外部客户中其他客户的收入为 445 亿 元，同比增长 14.5%，其中控股的德邦物流上半年营收 184 亿元，增长 17.5%。 成本管控卓有成效，二季度业绩超预期：公司上半年盈利主要集中在二季度。 营收方面，Q2 实现营收 442 亿元，同比增长 7.7%，成本方面 ...