Core Viewpoint - The cold chain logistics industry in China is crucial for ensuring food safety, promoting the development of the pharmaceutical industry, and facilitating the circulation of fresh agricultural products. The lack of cold chain logistics facilities leads to high loss rates in fresh produce, significantly increasing market costs [1][2][4]. Group 1: Current State of Fresh Produce Logistics - Fresh produce in China has an average loss rate exceeding 10%, which is 2-3 times higher than the stable 5% loss rate in Europe and the U.S. [1] - The traditional supply chain involves multiple stages, including farmers, wholesalers, and markets, leading to inefficiencies and high waste [1]. Group 2: Importance of Cold Chain Logistics - Cold chain logistics is essential for maintaining the quality of perishable goods during transportation, which directly impacts pricing and product stability [2][4]. - The cold chain logistics industry is a key component of the national economy, enhancing local infrastructure and logistics efficiency while supporting agricultural modernization [4]. Group 3: Industry Structure and Key Players - The cold chain logistics industry consists of a complex structure, including upstream manufacturing of cold storage equipment, midstream transportation and warehousing, and downstream applications across various sectors [2]. - Major players in the cold chain logistics sector include SF Cold Chain Logistics, Chengdu Yunlizhi Technology, and JD Century Trade, among others, with varying registered capital and operational focuses [4][6][7]. Group 4: Market Trends and Future Outlook - The cold chain logistics market in China is expected to exceed 900 billion yuan by 2028, driven by rising consumer demand, urbanization, and increased food safety awareness [16][17]. - The industry has evolved through three stages since 1998, with the current phase characterized by enhanced infrastructure, technology adoption, and a growing awareness of cold chain logistics [12][13]. Group 5: Environmental Initiatives - SF Cold Chain Logistics has implemented sustainable practices, including the use of reusable packaging, which has led to a reduction of 1,182 tons of CO2 emissions [10].

Core Insights - JD Logistics has successfully launched its Kashgar warehouse, marking the transition from trial operation to formal operation, enhancing logistics efficiency in the region [1] - The warehouse has significantly increased order volumes, with small item orders up nearly 30% and large item orders up over 60% within the first month of operation [1][3] - The "Xinjiang products going out" strategy is being strengthened, facilitating the export of local agricultural products through improved logistics services [1][4] Logistics Efficiency - The Kashgar warehouse has implemented "211 limited-time delivery" in several areas, resulting in a nearly threefold increase in daily order volume in Shufu County [3] - The warehouse is equipped with fully automated sorting equipment, improving processing efficiency by 30% and achieving a sorting accuracy rate of 99.8% [3] Agricultural Collaboration - The partnership between JD Logistics and Xinjiang Jiangxiang Fruit Industry Co., Ltd. has reduced delivery time for products from 8 days to 56 hours and decreased logistics costs by 12% [4] - The collaboration is expected to generate over 50 million yuan in sales by 2025, benefiting local farmers and cooperatives [4] Employment Opportunities - The operation of the Kashgar warehouse is projected to create numerous job opportunities, with an expected 40%-60% increase in personnel by the end of the year [6] - Various job positions will be offered, including warehouse operators, sorters, couriers, and delivery station managers, aimed at recruiting local talent [6]

Group 1 - JD Logistics and Faurecia (China) Investment Co., Ltd. signed a strategic cooperation agreement on April 25 [1] - The collaboration will focus on green low-carbon warehousing and transportation [1] - The partnership will also involve the JD Carbon Benefit SCEMP supply chain carbon management platform and a logistics carbon emission factor database [1]

Financial Performance - JD Logistics reported total revenue of RMB 182.84 billion for 2024, representing a year-on-year growth of 9.7%[12] - Revenue from external customers reached RMB 127.8 billion, accounting for nearly 70% of total revenue, with a year-on-year increase of 9.6%[12] - The non-IFRS profit for 2024 was RMB 7.92 billion, a significant increase of 186.8% compared to the previous year, achieving the highest profit level since the company's IPO[13] - The non-IFRS profit margin reached 4.3%, marking the best performance in terms of profit and profit margin since the company went public[13] - JD Logistics' gross profit for 2024 was RMB 18.70 billion, compared to RMB 12.68 billion in 2023, reflecting a strong growth trajectory[9] - The company achieved a pre-tax profit of RMB 7.72 billion in 2024, a significant improvement from RMB 1.62 billion in 2023[9] - Revenue from other clients, including express and freight services, reached RMB 95.5 billion in 2024, reflecting a year-on-year growth of 12.1%[31] - The company’s annual profit attributable to owners increased significantly from RMB 616.2 million in 2023 to RMB 6.2 billion in 2024[53] - The company’s non-IFRS profit for the year was RMB 7.9 billion, compared to RMB 2.8 billion in the previous year, indicating strong operational performance[53] - Gross profit rose from RMB 12.7 billion in 2023 to RMB 18.7 billion in 2024, resulting in a gross margin increase from 7.6% to 10.2%[61] - Net profit increased significantly from RMB 1.2 billion in 2023 to RMB 7.1 billion in 2024, primarily driven by the increase in gross profit[65] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 117.87 billion, an increase from RMB 112.90 billion in 2023[10] - The company's equity attributable to owners increased to RMB 55.32 billion in 2024, up from RMB 48.16 billion in 2023[10] - Non-current assets decreased to RMB 50.13 billion in 2024 from RMB 56.24 billion in 2023, indicating a strategic shift in asset management[10] - Current assets increased to RMB 67.74 billion in 2024, up from RMB 56.66 billion in 2023, highlighting improved liquidity[10] - As of December 31, 2024, the company's capital debt ratio was approximately 13.1%[83] - The outstanding borrowings as of December 31, 2024, were RMB 7.2 billion[140] Customer and Market Growth - In 2024, the number of external integrated supply chain customers increased to 80,703, representing a year-on-year growth of 8.0%, with an average revenue per customer of RMB 400,000[21] - The company has integrated supply chain revenue from external customers amounting to RMB 32.3 billion, maintaining a steady growth trend[21] - In 2024, the company's integrated supply chain customer revenue reached RMB 87.4 billion, with external integrated supply chain customer revenue at RMB 32.3 billion, maintaining a steady growth trend[25] - Revenue from integrated supply chain customers rose by 7.2% from RMB 81.5 billion in 2023 to RMB 87.4 billion in 2024, attributed to increased demand and a rise in the number of external integrated supply chain customers from 74,714 to 80,703[56] Operational Efficiency and Infrastructure - The company has integrated advanced technologies in its logistics operations, achieving full automation in storage, picking, packing, and sorting processes, significantly enhancing operational efficiency[36] - The company has launched the "Smart Wolf" solution, which utilizes a three-dimensional design for high-density storage, improving picking and storage efficiency while reducing operational costs[38] - The company has established a comprehensive transportation network, including land, air, sea, and multimodal transport, optimizing logistics management and route efficiency[43] - The company has strengthened its logistics capabilities with 9 cargo aircraft in operation, enhancing service efficiency and market competitiveness[15] - The company operates more than 1,600 warehouses and nearly 19,000 delivery stations and points, employing over 370,000 self-operated delivery personnel as of December 31, 2024[24] Research and Development - Research and development expenses remained stable at RMB 3.6 billion for both 2023 and 2024[63] - The company has received more than 5,000 authorized patents and software, with over 3,000 related to automation and unmanned technologies as of December 31, 2024[38] Corporate Governance and Management - The board of directors includes Hu Wei as the CEO since June 26, 2023, and Liu Qiangdong as the chairman since January 19, 2012[95] - The company has appointed new independent non-executive directors, including Ye Lin and Wu Yan'an, effective from June 28, 2024, and February 14, 2025, respectively[97] - The board of directors presented the annual report and consolidated financial statements for the fiscal year ending December 31, 2024[115] - The company emphasizes good corporate governance to protect shareholder interests, with independent non-executive directors confirming no conflicts of interest with controlling shareholders[157] Future Plans and Challenges - The company plans to acquire approximately 36.43% equity in a subsidiary for a total consideration of up to RMB 6.484 billion, with the transaction expected to be completed by April 30, 2026[84] - The company is prioritizing continuous business growth and profitability, although profitability may fluctuate significantly in the short to medium term[129] - The company faces intense competition, which may negatively impact its operating performance and market share[129] - The company relies heavily on its technological infrastructure and platform, and any failure to improve or effectively utilize these may adversely affect its operations and prospects[130] Employee and Compensation - The company had a total of 498,709 employees as of December 31, 2024, with 95.5% in operations[90] - The total employee compensation expenses, including share-based payments, amounted to RMB 68.8 billion in 2024, a year-on-year increase of 10.7% from RMB 62.2 billion in 2023[91] - The company’s total human resources expenditure reached RMB 89.2 billion for the year ending December 31, 2024, reflecting its commitment to creating more job opportunities[52] Shareholder Information - As of December 31, 2024, the company has issued 6,627,381,772 shares, with Liu Qiangdong holding 4,291,457,805 shares, representing 64.75% ownership[160] - Liu Qiangdong's voting rights account for approximately 71.7% of the total voting power due to his holdings in JD.com[163] - The company has not established any arrangements allowing directors to benefit from acquiring shares or bonds of the company or any other entity[158]

7 March 2025 | 7:45AM HKT JD.com (JD/9618.HK) & JD Logistics (2618.HK) 4Q24 review: Solid business momentum with strengthening user mindshare; maintain Buy JD/JDL; We lift JD's 1Q25E/FY25E top line growth to 11%/8% (vs. prior 5%/7%) on the back of JD's solid 4Q beat (our first take) and positive commentaries around sustained JD Retail business momentum quarter-to-date on healthy user trends, strong mobile/appliance sales and increasing cross-sell (across general merchandise categories and 3P marketplace). M ...

京东物流 20250305 摘要 Q&A 京东物流在 2024 年的业绩表现如何？ 2024 年以来，京东物流的季度业绩持续超预期。2024 年前三季度，公司调整后 的净利润为 56.9 亿元，同比增长 106%。第三季度调整后净利率达到 5.8%，创 历史新高。 京东物流的主要业务亮点有哪些？ 京东物流有三个主要业务亮点：首先，业务体量增长带来的显著规模效应提升 了产能利用率；其次，国家补贴政策助力家电 3C 行业需求释放，从而推动公司 业绩提升；最后，通过技术和基础设施的双轮驱动，京东物流成为供应链服务 • 京东物流通过规模效应提升产能利用率，受益于国家补贴政策推动家电 3C 行业需求释放，并以技术和基础设施双轮驱动构建供应链服务核心竞争力。 • 京东物流经历了对内服务、内外兼修和高效发展三个阶段，通过收购跨越 速运和德邦，加强了仓储、运输和配送等六大网络之间的协同，提升运营 效率。 • 2024 年前三季度，京东物流实现营业收入 1,307 亿元，同比增长 8.8%。 2023 年全年实现扭亏为盈，未经调整净利润为 6.2 亿元，显示出良好的增 长势头。 • 京东物流与京东零售、京东健康等集团内子公司协 ...

Key Points Industry or Company Involved - **Company**: JD Logistics Core Views and Arguments - **Revenue Growth**: JD Logistics achieved a total revenue of 44.4 billion yuan in the third quarter of 2024, a year-on-year increase of 6.6%. External revenue accounted for 71.2% of the total, with adjusted net profit margin reaching 5.8%, up 3.8 percentage points year-on-year. [2] - **Integrated Supply Chain**: Revenue from integrated supply chain business reached 20.7 billion yuan, a year-on-year increase of 5.4%. The number of external integrated supply chain customers reached 59,286, a year-on-year increase of 9.4%. [4] - **Express and Express Delivery**: Revenue from express and express delivery business reached 23.7 billion yuan, a year-on-year increase of 7.6%. [5] - **International Business**: JD Logistics actively expanded its international business, establishing an integrated global supply chain network with overseas warehouses as the core. [6] - **Technological Innovation**: JD Logistics continuously integrates advanced technologies and algorithms into daily operations, promoting changes in logistics network layout, site operation processes, automation applications, and transportation scheduling. [7] - **Cost Control**: JD Logistics achieved significant results in cost control, with efforts to further optimize operations and control costs in various areas. [10] Other Important Content - **Cost Control Efforts**: JD Logistics will continue to focus on cost control in areas such as employee costs, outsourcing costs, rental costs, other expenses, sales and marketing expenses, research and development expenses, and general and administrative expenses. [10] - **Impact of Policy Support**: The subsidy policy for home appliance replacement with old ones had a limited impact on JD Logistics' overall revenue structure. [12] - **Fourth Quarter Outlook**: The company expects the fourth quarter to be the best quarter of the year in terms of profit performance, with stable profit margins. [13] - **Future Investment Plans**: JD Logistics plans to continue exploring better business operation models and applying innovative technologies to seek higher resource efficiency. [16] - **Profitability Outlook**: JD Logistics has already exceeded the profitability target promised to shareholders at the time of listing and has reached a reasonable level in the industry. [17] - **Customer Growth**: JD Logistics expects customer numbers to continue to grow, with more customers choosing JD Logistics and JD Express. [18] - **Tmall Cooperation**: JD Logistics expects significant revenue growth from its cooperation with Tmall, with a rapid increase in market share. [19] - **Expansion of Business Opportunities**: JD Logistics plans to expand its business opportunities by combining its integrated supply chain capabilities with Tmall's platform. [20]

Investment Rating - JD Logistics (JDL) is rated **Overweight (OW)** with a price target of HK$20 for December 2025 [1][4][9] Core Investment Thesis - JDL has shown **fundamental improvements** and **margin expansion** since its IPO in May 2021, driven by business model recalibration and operating leverage gains [1][9] - Despite fierce competition in e-commerce and express parcel delivery, JDL has achieved **breakeven in 2Q23** and rapidly improved profitability in subsequent quarters [1][12] - JDL is expected to benefit from China's **trade-in policy**, which boosts home appliance sales, and its integration with Taobao/Tmall for logistics services [1][12][16] - The company is **undervalued**, trading at 3.9x FY25E EV/EBITDA, compared to the industry average of 5.5x [1][23] Financial Performance and Forecasts - JDL's revenue is expected to grow **6% YoY** in 3Q24, reaching Rmb44B, with net profit of Rmb1.1B and a net profit margin (NPM) of 2.5% [2][12] - Revenue from external customers is growing faster than from JD, with JD's contribution declining to around **30%** of total revenue [2][12][14] - JDL's **EBITDA margin** is forecasted to improve from 8.8% in FY23 to 11.5% in FY25, driven by cost optimization and scale leverage [8][12] Growth Drivers - JDL is poised to benefit from **Double 11** sales events, with Taobao/Tmall's integration expected to unlock growth in express parcel business [16][17] - The company plans to expand its **overseas warehousing** capabilities, doubling the gross floor area (GFA) by the end of 2025, focusing on regions like the Americas, Europe, and Southeast Asia [20] - JDL's partnership with JD is expected to drive **mutual growth**, particularly in home appliance sales, which surged 67% YoY during the October National Days Holiday [12][16] Valuation and Market Performance - JDL's share price has surged **52% YTD**, outperforming the HSCI index (+18%) and other Chinese logistics companies [1][21] - The stock is trading at **12.2x FY25E P/E**, with a forecasted EPS CAGR of 20% during FY24-26E [1][23] - JDL's valuation discount to Alibaba/PDD is aligned with its target EV/EBITDA multiple of 5.0x, which is below the industry average of 5.5x [1][9][23] Industry Comparison - JDL's **EV/EBITDA multiple** of 3.9x for FY25E is lower than peers like ZTO Express (8.0x) and Yunda Holding (4.4x) [26] - The company's **ROE** is expected to improve from 4.7% in FY23 to 12.4% in FY25, reflecting stronger profitability and operational efficiency [8][26]

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： V i e w p o i n t | 14 Oct 2024 19:19:04 ET │ 16 pages JD Logistics (2618.HK) 30-day +CW on Potential Solid Earnings Beat in 3Q24 Results shuinu9870 CITI'S TAKE JDL is likely to report 3Q24 results ~mid-Nov; we expect another solid beat on margins despite muted revs performance. On revs front, 1P ISC growth could slow down sequentially on to ...