Core Viewpoint - UBS reported that JD Logistics' Q2 performance roughly met expectations, with a surprising revenue growth of 17% year-on-year, while the non-IFRS net profit margin of 5% slightly fell short of expectations [1] Financial Performance - Revenue increased by 17% year-on-year, which was a positive surprise for the market [1] - Non-IFRS net profit margin was 5%, which was slightly below expectations [1] Financial Forecasts - UBS raised its financial forecasts for JD Logistics, expecting a revenue growth of 16% for the year and a 6.5% increase in non-IFRS net profit [1] - The target price for JD Logistics was increased from HKD 17.4 to HKD 18, maintaining a "Buy" rating [1] Management Outlook - Management expressed greater confidence in achieving the annual growth targets, aiming for double-digit growth in total revenue and single-digit growth in non-IFRS net profit [1] - The potential contribution from the newly launched food delivery service is considered, with expectations that annual revenue growth may exceed market forecasts [1]
瑞银：升京东物流(02618)目标价至18港元 维持“买入”评级