Ge Long Hui·2025-10-10 08:05Core Viewpoint - Daiwa published a research report indicating that JD Logistics announced the acquisition of 100% equity in its wholly-owned subsidiaries, Dajiang and Dasheng, which are engaged in local instant delivery services, for a total price of $270 million. The transaction is valued at an industry average price-to-earnings ratio of approximately 13.1 times over the past 12 months, accounting for liquidity discounts and control premiums [1] Group 1 - Management expects that after the completion of the transaction, JD Logistics' revenue growth for the fourth quarter of this year will reach a mid-double-digit percentage year-on-year [1] - JD Logistics and JD's related transaction limits for the next two years have been significantly raised to 110 billion and 210 billion yuan, respectively [1] - Daiwa believes the acquisition will have a minor impact on profitability, as the related assets recorded a profit of 75.17 million yuan in the first half of this year, which is less than 3% of JD Logistics' profit during the same period [1] Group 2 - Daiwa reiterated a "buy" rating for JD Logistics, believing that the development of the instant delivery business could drive a revaluation of the company's valuation [1]