Core Viewpoint - The report from CMB International indicates that JD Logistics (02618) is expected to maintain rapid revenue growth in 2025, with adjusted net profit projected to grow in the mid-single digits [1] Group 1: Revenue and Profit Forecast - JD Logistics is anticipated to continue its rapid revenue growth in 2026, supported by the consolidation of food delivery services and Dada Group, with profit margins expected to improve through scale and synergy [1] - The company has slightly adjusted its revenue and profit forecasts while maintaining a target price of HKD 18.50 and a "Buy" rating [1] Group 2: Q3 Performance - In Q3, JD Logistics reported a total revenue increase of 24% year-on-year, exceeding the firm's expectations by 3% [1] - Adjusted net profit for the quarter was RMB 2 billion, aligning closely with the firm's projections [1] - Internal revenue grew by 66%, while external integrated revenue increased by 13%, with stable growth in customer numbers and revenue per customer [1] - Other external revenue saw a 5% year-on-year increase, with a gross profit margin of 9.1% [1]
交银国际：维持京东物流“买入”评级 目标价18.50港元