公司研究 证 券研究 报 告 交通运输 2024年03月16日 京东物流（02618.HK）2023年报点评 推 荐 （维持） 2023 年成功扭亏为盈，内外部均高质量增长， 目标价：11.7港元 持续推荐 当前价：8.04港元 华创证券研究所  京东物流公告2023年年度业绩：2023年全年实现收入1666亿元，同比增长 21.3%；期间利润11.7亿元，归母利润6.2亿元，同比2022年扭亏为盈；调 证券分析师：吴一凡 整后实现净利润27.6亿元，同比增长218.8%，调整后净利率1.7%，同比增 电话：021-20572539 加1pct。 邮箱：wuyifan@hcyjs.com  外部客户收入提升至70%，京东零售政策调整有看点。1）2023年来自外部 执业编号：S0360516090002 客户收入达1166亿元，同比增长30.8%，占比达到70%。2）经测算外部客 证券分析师：吴晨玥 户一体化供应链收入达到314亿元，同比增长7.6%，客户数量为74714个。 报告期内公司加大一体化供应链客户开发力度，已拓展松下中国等优质客 邮箱：wuchenyue@hcyjs.com 户，未来有望向中小客 ...

Investment Rating - Maintain "Overweight" rating [2][5] Core Views - The company's 2023Q4 revenue reached RMB 47.2 billion, a YoY increase of 9.7% [2][5] - Internal integrated supply chain revenue growth benefited from increased revenue from JD Retail, driven by the reduction in free shipping thresholds [2][5] - External integrated supply chain revenue growth was driven by service diversification and increased customer stickiness, with average customer spending rising by 15.4% YoY [2][5] - Other customer revenue growth was driven by increased express and freight business volumes, with future growth expected from increased penetration on platforms like Douyin, Kuaishou, and Xiaohongshu [2][5] - Adjusted net profit for 2023Q4 was RMB 1.804 billion, a YoY increase of 79.6%, with an adjusted net profit margin of 3.8%, up 1.5 percentage points YoY and 1.8 percentage points QoQ [2][5] - The company is expected to maintain high single-digit revenue growth in 2024, with adjusted net profit margins improving to the range of 1.7%-2.0% [2][5] Financial Projections - Revenue for 2024-2026 is projected to be RMB 181.4 billion, RMB 195.9 billion, and RMB 210.2 billion, with growth rates of 8.9%, 8.0%, and 7.3% respectively [2][5] - Adjusted net profit for 2024-2026 is projected to be RMB 3.352 billion, RMB 3.987 billion, and RMB 5.003 billion, with adjusted net profit margins of 1.8%, 2.0%, and 2.4% respectively [2][5] - Gross margin is expected to improve from 7.6% in 2023 to 9.9% in 2026 [1][5] - ROE is projected to increase from 2.1% in 2023 to 4.2% in 2026 [1][5] Market Data - Closing price on 2024/3/13 was HKD 8.32, with a total market capitalization of HKD 55.1 billion [2] - Total equity attributable to the parent company was RMB 6.8 billion, with total assets of RMB 15.9 billion [2] - EPS for 2023-2026 is projected to be RMB 0.10, RMB 0.20, RMB 0.27, and RMB 0.36 respectively [1][5]

2024 年 03 月 09 日 公司研究 评级：增持 (维持 ) 研究所： [Table_Title] 盈利能力持续改善，外部收入拉动增长 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn ——京东物流（ ） 年年度业绩公告点 02618 2023 评 最近一年走势 事件 : 2024年3月6日，京东物流发布2023年年度业绩公告： 2023年，公司实现营业收入1666.25亿元，同比增长21.27%。完成净 利润11.67亿元，成功扭亏为盈（上年为净亏损10.90亿元）。完成归母 净利润6.16亿元，同比扭亏为盈。完成非国际财务报告准则利润27.61 亿元，同比增长218.79%。 据此，我们测算 2023Q4 公司实现营业收入 472.00 亿元，同比增长 9.75%。完成净利润12.42亿元，同比增长152.46%。完成归母净利润 相对恒生指数表现 2024/03/08 10.39亿元，同比增长195.17%。完成非国际财务报告准则利润 18.04 表现 1M 3M 12M 亿元，同比增长79.61%。 京东物流 6.0% -13.5% -44.9% 恒生指 ...

业绩简评 2024年 3月 6日，京东物流发布2023 年年度报告。2023 年公司 实现营业收入1666.25 亿元，同比增长21.27%；实现归母净利润 6.16 亿元，同比增长 20.78 亿元，扭亏为盈。其中 4Q2023 公司实 现营收472.01 亿元，同比增长9.75%；实现归母净利润10.39 亿 元，同比增长194.72%。 经营分析 营收同比增长，其他客户收入增长较快。2023 年公司营业收入达 1666.25 亿元，同比增长21.27%，分客户看：1）公司一体化供应 链客户收入为 815 亿元，其中外部一体化客户收入为 314 亿元， 同比增长7.7%。外部一体化供应链客户ARPC 同比增长 15.2%至 42 万元，主要系公司持续拓展现有客户合作广度与服务深度。其中， 收入贡献不低于一千万的外部一体化供应链客户数量为 384 名， 同比增长 6.1%；单客户平均收入为 4590 万元，同比增长 8.8%。 港币(元) 成交金额(百万元) 2）公司其他客户收入为852 亿元，同比增长42%，主要系公司持 16.00 2,500 续拓展与抖音快手等电商平台合作、推进与德邦的网络融合。 14 ...

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3月7日 港元8.11 港元9.50↓ +17.1% 京东物流 (2618 HK) 4 季度内单带动业绩超预期；2024 年收入展望弱于预期，下调至中性  4季度内单增长好于预期，规模效应带动利润超预期：收入高于我们/彭博 个股评级 一致预期2%，利润大幅超出我们预期124%。总收入472亿元（人民币， 买入 下同），同比增10%，其中外部收入增9%，同比贡献总收入70%。收入超 预期主要来自内单收入增长，外部收入符合预期。客户结构调整和规模效 应推动毛利率同比提升35个基点至9.2%。调整后净利润/利润率达18亿 1年股价表现 元/3.8%，同比增80%/1.5个百分点，得益于业务结构持续优化及运营效率 2618 HK 10% MSCI中国指数 提升。2023年全年收入1,666亿元，同比增21%，调整后净利率1.7%，高 0% 于此前指引的0.6-1%区间。 -10% -20%  业绩要点：1）内单加速增长，同比增11%（对比3季度+8%），得益于京 -30% -40% 东零售调整包邮门槛持续拉动业务量。2）外部一体化收入同比增5%， ...

Financial Performance - Total revenue for 2023 reached RMB 166.6 billion, a year-on-year increase of 21.3%[3] - Revenue from external clients in 2023 was RMB 116.6 billion, accounting for 70.0% of total revenue, a 30.8% increase year-on-year[4] - Gross profit for 2023 was RMB 12.68 billion, a 25.6% increase compared to 2022[3] - Non-IFRS profit for 2023 was RMB 2.76 billion, a 218.8% increase year-on-year[3] - Non-IFRS EBITDA for 2023 was RMB 14.61 billion, a 32.9% increase compared to 2022[3] - Total revenue reached RMB 166.6 billion, a year-on-year increase of 21.3%, with external customer revenue accounting for RMB 116.6 billion, up 30.8% and representing 70.0% of total revenue[7] - Revenue from integrated supply chain customers reached RMB 81.5 billion, with external integrated supply chain customer revenue at RMB 31.4 billion, up 7.7% year-on-year[7] - Revenue from other clients reached RMB 85.2 billion, a year-on-year increase of 42.0%[12] - The company's revenue for the three months ended December 31, 2023, was RMB 47.2 billion, an increase from RMB 43.0 billion in the same period in 2022[26] - The company's gross profit for the three months ended December 31, 2023, was RMB 4.35 billion, up from RMB 3.82 billion in the same period in 2022[26] - The company's non-IFRS profit for the three months ended December 31, 2023, was RMB 1.80 billion, compared to RMB 1.00 billion in the same period in 2022[26] - Total revenue increased by 9.7% from RMB 43.0 billion in Q4 2022 to RMB 47.2 billion in Q4 2023[27] - Revenue from integrated supply chain customers grew by 8.8% from RMB 21.1 billion in Q4 2022 to RMB 23.0 billion in Q4 2023[27] - Revenue from other customers increased by 10.6% from RMB 21.9 billion in Q4 2022 to RMB 24.2 billion in Q4 2023[27] - Average revenue per integrated supply chain customer rose by 15.4% from RMB 135,172 in Q4 2022 to RMB 155,974 in Q4 2023[27] - Gross profit margin improved from 8.9% in Q4 2022 to 9.2% in Q4 2023[30] - Net profit surged from RMB 491.9 million in Q4 2022 to RMB 1,241.8 million in Q4 2023[34] - Annual revenue increased by 21.3% from RMB 137.4 billion in 2022 to RMB 166.6 billion in 2023[35] - Annual gross profit rose by 25.6% from RMB 10.1 billion in 2022 to RMB 12.7 billion in 2023[35] - Non-IFRS annual profit increased by 218.8% from RMB 866.0 million in 2022 to RMB 2,760.8 million in 2023[35] - Non-IFRS annual EBITDA grew by 32.9% from RMB 10.99 billion in 2022 to RMB 14.61 billion in 2023[35] - Total revenue increased by 21.3% from RMB 137.4 billion in 2022 to RMB 166.6 billion in 2023[36] - Revenue from integrated supply chain customers grew by 5.2% from RMB 77.4 billion in 2022 to RMB 81.5 billion in 2023[36] - Revenue from other customers surged by 42.0% from RMB 60.0 billion in 2022 to RMB 85.2 billion in 2023[36] - Average revenue per integrated supply chain customer increased by 15.2% from RMB 365,015 in 2022 to RMB 420,363 in 2023[36] - Operating costs rose by 20.9% from RMB 127.3 billion in 2022 to RMB 153.9 billion in 2023[38] - Gross profit and gross margin improved to RMB 12.7 billion and 7.6% in 2023, compared to RMB 10.1 billion and 7.4% in 2022[39] - R&D expenses increased by 14.4% from RMB 3.1 billion in 2022 to RMB 3.6 billion in 2023[41] - The company recorded a net profit of RMB 1.2 billion in 2023, compared to a net loss of RMB 1.1 billion in 2022[44] - Non-IFRS profit for the quarter increased to RMB 1,803,595 thousand, up from RMB 1,004,210 thousand in the same period last year[45] - Non-IFRS profit margin for the quarter improved to 3.8%, compared to 2.3% in the previous year[45] - Annual Non-IFRS profit surged to RMB 2,760,844 thousand from RMB 866,031 thousand in 2022[46] - Annual Non-IFRS profit margin rose to 1.7%, up from 0.6% in 2022[46] - Quarterly Non-IFRS EBITDA reached RMB 4,970,796 thousand, with a margin of 10.5%, up from 9.2% in 2022[47] - Annual Non-IFRS EBITDA increased to RMB 14,605,753 thousand, with a margin of 8.8%, compared to 8.0% in 2022[47] - Net cash from operating activities for the year was RMB 16,352,016 thousand, up from RMB 13,314,224 thousand in 2022[49] - Free cash inflow for 2023 was RMB 2.8 billion, compared to RMB 1.3 billion in 2022[49] - Total cash resources at the end of 2023 amounted to RMB 42.2 billion[49] - Net cash used in investing activities in 2023 was RMB 15.1 billion, primarily due to RMB 13.5 billion in fixed deposits, RMB 12.9 billion in financial assets at fair value through profit or loss, and RMB 8.9 billion in amortized cost financial investments[52] - Net cash used in financing activities in 2023 was RMB 5.5 billion, mainly due to RMB 7.4 billion in lease principal payments and RMB 4.4 billion in loan repayments[53] - The company's capital-to-debt ratio as of December 31, 2023, was approximately 20.7%[54] - Total employee compensation and benefits expenses in 2023, including share-based payment expenses, were RMB 62.2 billion, a 22.3% increase from 2022[56] - The company's outstanding borrowings as of December 31, 2023, were RMB 10 billion[58] - Revenue for the year ended December 31, 2023, was RMB 166.6 billion, compared to RMB 137.4 billion in 2022[60] - Net profit for the year ended December 31, 2023, was RMB 1.17 billion, compared to a net loss of RMB 1.09 billion in 2022[60] - Total assets as of December 31, 2023, were RMB 112.9 billion, compared to RMB 106.7 billion in 2022[62] - Total revenue for 2023 reached RMB 166,624,712 thousand, a 21.3% increase from RMB 137,402,008 thousand in 2022[68] - Integrated supply chain customers contributed RMB 81,470,338 thousand to revenue in 2023, up 5.2% from RMB 77,435,959 thousand in 2022[68] - Other customers' revenue surged 42.1% to RMB 85,154,374 thousand in 2023 from RMB 59,966,049 thousand in 2022[68] - Net cash generated from operating activities increased to RMB 16,352,016 thousand in 2023, up 22.8% from RMB 13,314,224 thousand in 2022[64] - Total equity grew to RMB 55,373,635 thousand in 2023, a 4.1% increase from RMB 53,208,561 thousand in 2022[63] - Total liabilities increased to RMB 57,528,082 thousand in 2023, up 7.5% from RMB 53,488,710 thousand in 2022[63] - Cash and cash equivalents decreased to RMB 17,207,027 thousand at the end of 2023, down 20% from RMB 21,495,352 thousand at the end of 2022[64] - Basic earnings per share improved to RMB 0.10 in 2023 from a loss of RMB 0.23 per share in 2022[69] - Employee compensation and benefits expenses rose 22.3% to RMB 62,174,846 thousand in 2023 from RMB 50,826,522 thousand in 2022[69] - Outsourcing costs increased 16.9% to RMB 60,257,890 thousand in 2023 from RMB 51,554,840 thousand in 2022[69] - Trade receivables as of December 31, 2023, amounted to RMB 15,251,399 thousand, with a credit loss provision of RMB 542,274 thousand, resulting in a net trade receivables of RMB 14,709,125 thousand[73] - Trade payables as of December 31, 2023, totaled RMB 8,729,612 thousand, including RMB 33,438 thousand under supplier financing arrangements[73] - Overdue but not credit-impaired trade receivables as of December 31, 2023, were RMB 832.0 million, up from RMB 776.5 million in 2022[73] - Trade payables aged within 3 months as of December 31, 2023, were RMB 7,785,554 thousand, down from RMB 8,403,131 thousand in 2022[74] Logistics and Supply Chain - The number of external integrated supply chain clients with annual revenue contribution of at least RMB 10 million increased in both quantity and average revenue per client in 2023[5] - JD Logistics continued to enhance its logistics infrastructure and integrate with Deppon Logistics in 2023[5] - The company's warehouse automation solutions and products have been adopted by external clients in industries such as auto parts, apparel, and pharmaceuticals[5] - The number of external integrated supply chain customers contributing at least RMB 10 million annually increased to 384, up 6.1%, with average revenue per customer reaching RMB 45.9 million, up 8.8%[8] - External integrated supply chain customers totaled 74,714, with average revenue per customer at RMB 420,000, up 15.2%[9] - Revenue from external integrated supply chain customers contributing at least RMB 10 million accounted for 56.1% of total external integrated supply chain revenue, up from 52.3% in 2022[10] - The company operates over 1,600 warehouses, 19,000 delivery stations, and employs nearly 350,000 self-operated delivery personnel[8] - The company has nearly 4,600 professional R&D personnel, focusing on automation, digitalization, and intelligent decision-making[8] - In the automotive sector, the company provided exclusive nationwide home charging pile integrated supply chain services for a leading international new energy vehicle brand[10] - For the apparel industry, the company developed a full-scenario supply chain service, enhancing efficiency and offering value-added services for returned goods[10] - The company completed the transfer of assets from 83 JD Logistics freight forwarding centers to Deppon Logistics by the end of December 2023[13] - JD Logistics has obtained over 4,000 authorized patents and software, with more than 2,000 related to automation and unmanned technologies[15] - The company operates over 1,600 warehouses and manages a total storage area exceeding 32 million square meters, including cloud warehouses[17] - JD Logistics operates 41 Asia No. 1 smart industrial parks across 30 cities in China[17] - The Kunshan Asia No. 1 smart industrial park Phase II, covering over 500,000 square meters, processes more than 4.5 million packages daily during peak periods[17] - The company’s logistics network includes 1,600+ self-operated warehouses and 2,000+ cloud warehouses, forming one of China’s largest storage networks[17] - JD Logistics launched "Next Morning Delivery" service in 9 cities, including Beijing and Shanghai, with delivery as early as 8 AM[12] - The company deepened cooperation with a Chinese tech company to optimize inventory allocation in Europe, ensuring rapid delivery in core regions[11] - JD Logistics supported a U.S. water bottle brand during Black Friday, significantly improving fulfillment rates through advanced automation and inventory management[11] - The company operates over 40,000 self-owned transportation vehicles and has deployed new energy vehicles in multiple cities across the country[19] - The company covers more than 600 railway routes and over 1,000 air cargo routes through partnerships[19] - The company has nearly 350,000 self-owned delivery and operational personnel and operates over 19,000 delivery stations and outlets[20] - The company manages over 200 large and heavy goods warehouses and sorting centers, with a total management area exceeding 4 million square meters[21] - The company operates approximately 100 temperature-controlled cold chain warehouses for fresh, frozen, and refrigerated foods, covering an area of about 500,000 square meters[22] - The company has close to 90 bonded warehouses, direct mail warehouses, and overseas warehouses, with a total management area of nearly 900,000 square meters[23] - The company's global offering net proceeds amounted to RMB 22,945 million, with 55% allocated to upgrading and expanding the logistics network[80] - As of December 31, 2023, RMB 10,260 million of the global offering net proceeds had been utilized, with RMB 5,733 million remaining unused[80] - The placement and subscription net proceeds totaled RMB 6,924 million, with 85% allocated to optimizing the logistics network and solutions[82] - As of December 31, 2023, RMB 1,039 million of the placement and subscription net proceeds had been utilized, with RMB 712 million remaining unused[82] Innovation and Technology - JD Logistics is exploring the application of large language models in various internal operational scenarios[5] - The company has established a supply chain carbon management platform to promote low-carbon and green sustainable development[5] - The company has nearly 4,600 professional R&D personnel, focusing on automation, digitalization, and intelligent decision-making[8] - JD Logistics has obtained over 4,000 authorized patents and software, with more than 2,000 related to automation and unmanned technologies[15] Sustainability and Green Development - The company has established a supply chain carbon management platform to promote low-carbon and green sustainable development[5] - The company operates over 40,000 self-owned transportation vehicles and has deployed new energy vehicles in multiple cities across the country[19]

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，並表明概不就本公告全部或任何部分內容所導致或因倚賴該等內容而引致的任何損失 承擔任何責任。 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 2023 年 9 月 30 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2023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。 財務摘要 未經審計 截 ...

JD Logistics, 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）(A company incorporated in the Cayman Islands with limited liability) Inc. 股份代號 Stock Code: 2618 京東物流股份有限公司 ...

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，並表明概不就本公告全部或任何部分內容所導致或因倚賴該等內容而引致的任何損失 承擔任何責任。 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 2023 年 6 月 30 日 止 三 個 月 及 六 個 月 業 績 公 告 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2023年6月30日止三個月及六個 月的未經審計合併業績。該等中期業績已經本公司審計委員會（「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。 財務摘要 ...

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，並表明概不就本公告全部或任何部分內容所導致或因倚賴該等內容而引致的任何損失 承擔任何責任。 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 2023 年 3 月 31 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 本公司及其子公司與關聯併表實體（統稱「本集團」）截至2023年3月31日止三個月的未經 審計財務信息及業務亮點。下列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）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））與關聯併表實體，不包括本集團。 財務摘要 未經審計 截至3月31日止三個月 2023年 2022年 同比變動 人民幣千元 人民幣千元 ...