大行评级丨美银：京东物流去年第四季业绩胜预期，重申“买入”评级

Core Viewpoint - Bank of America Securities reports that JD Logistics exceeded expectations in Q4 of last year, driven by a decrease in operating expenses [1] Group 1: Financial Performance - Management is optimistic about the outlook for fiscal year 2026, guiding for revenue growth of 20% to 25% and non-IFRS net profit growth of 25% to 30% [1] - If these targets are met, it implies an upside potential of 15% to 20% on current profit forecasts, exceeding the most optimistic investor assumptions by approximately 10% to 15% [1] Group 2: Valuation and Rating - The projected price-to-earnings ratio for fiscal year 2026 is expected to be below 7 times [1] - The firm maintains a "Buy" rating on the stock with a target price of HKD 15 [1]