Core Viewpoint - UBS report indicates that JD Logistics' Q2 performance roughly meets expectations, with a surprising revenue growth of 17% year-on-year, while the net profit margin under non-IFRS slightly falls short of expectations [1] Financial Performance - Revenue growth for JD Logistics in Q2 was 17% year-on-year, which exceeded market expectations [1] - Non-IFRS net profit margin was 5%, slightly below expectations [1] - UBS has raised its financial forecasts, projecting a 16% revenue growth and a 6.5% increase in non-IFRS net profit for the year [1] Management Outlook - Management expresses greater confidence in achieving annual growth targets, aiming for double-digit revenue growth 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 overall revenue growth may surpass market forecasts [1] Target Price Adjustment - UBS has increased the target price for JD Logistics from HKD 17.4 to HKD 18, maintaining a "Buy" rating [1]
瑞银：升京东物流目标价至18港元 维持“买入”评级