大行评级丨野村：上调京东物流目标价至18港元，上调今明财年经调整盈利预测

Group 1 - Nomura's report indicates that JD Logistics' Q4 2025 performance in terms of revenue and profit exceeded expectations, with total revenue increasing by 22% year-on-year, surpassing market and Nomura's estimates by 2 percentage points, primarily benefiting from internal revenue growth [1] - Non-IFRS net profit increased by 6% year-on-year to 2.4 billion yuan, exceeding market and Nomura's expectations by 11% and 6% respectively [1] - Nomura maintains a "Buy" rating for JD Logistics, raising the target price from 17 HKD to 18 HKD, and adjusting the earnings per share forecasts for the fiscal years 2026 and 2027 upwards by 9% and 13% respectively [1]