Core Viewpoint - JD Logistics reported a total revenue of 51.56 billion RMB in Q2, representing a year-on-year increase of 16.6%, with significant acceleration compared to the previous quarter [1] - The company has begun recruiting and managing full-time delivery personnel to support JD Group's food delivery services and launched its self-operated express brand "JoyExpress" in Saudi Arabia [1] - Gross profit reached 5.48 billion RMB, up 4.3%, while net profit attributable to the parent company was 2.13 billion RMB, an increase of 5.1% [1] Financial Dynamics - In Q2 2025, JD Logistics achieved a total revenue of 51.56 billion RMB, with an adjusted net profit of 2.59 billion RMB, reflecting a 5.4% year-on-year growth and a net profit margin of 5.0% [1] - Adjusted EBITDA was 5.72 billion RMB, up 1.5% [1] - Capital expenditure for H1 was 2.39 billion RMB, a year-on-year increase of 0.8%, accounting for 2.5% of revenue, down 0.2 percentage points [1] Business Dynamics - In H1 2025, JD Logistics expanded its overseas warehouses in multiple countries, including the US, UK, France, Poland, South Korea, Vietnam, and Saudi Arabia, now covering 23 countries and regions globally [1] - The launch of "JoyExpress" in Saudi Arabia offers local consumers delivery services with options for cash on delivery and expedited delivery [1] Profit Forecast - The company expects Q3 revenue growth to reach 20%, with food delivery services contributing positively [2] - Projected revenues for 2025-2027 are 218.1 billion RMB, 258.5 billion RMB, and 278.4 billion RMB, with year-on-year growth rates of 19.3%, 18.5%, and 7.7% respectively [2] - The growth logic is driven by cost reduction and efficiency improvements, expansion into Alibaba channels, and international supply chain layout [2] Valuation - Based on a closing valuation of approximately 81.3 billion RMB, the projected price-to-sales (PS) ratios for 2025-2027 are 0.37, 0.31, and 0.29, while the price-to-earnings (PE) ratios are 9.8, 8.6, and 7.8 times [3] - Compared to competitors like SF Express and ZTO Express, JD Logistics is currently undervalued [3]
京东物流(2618.HK)：国补等共同催化营收增速大幅提升 资源投入扩大致利润释放承压