京东物流：Q2净利润创新高，利润率大幅改善
SINOLINK SECURITIES·2024-08-16 07:37

Investment Rating - The report maintains a "Buy" rating for the company, expecting a profit increase in the next 6-12 months [2][8]. Core Views - The company has shown significant revenue growth and has turned profitable, with a notable increase in net profit for the second quarter of 2024 [2]. - Cost control measures have led to improved profit margins, with a substantial increase in gross profit and net profit year-on-year [2]. - The logistics infrastructure is robust, with a well-coordinated network that supports operational efficiency [2]. Financial Summary - Revenue: The company reported revenue of 137,402 million in 2022, projected to grow to 205,160 million by 2026, with a growth rate of 31.24% in 2022 and a decline to 6.01% by 2026 [1]. - Net Profit: The company experienced a net loss of 1,397 million in 2022, but is expected to achieve a net profit of 5,904 million by 2026, with a remarkable growth rate of 639.98% in 2024 [1]. - Earnings Per Share (EPS): EPS is projected to rise from -0.21 in 2022 to 0.89 by 2026 [1]. - Return on Equity (ROE): ROE is expected to improve from -3.00% in 2022 to 9.24% by 2026 [1]. - Price-to-Earnings (P/E) Ratio: The P/E ratio is projected to decrease from -71.68 in 2022 to 8.73 by 2026, indicating a more favorable valuation over time [1]. - Price-to-Book (P/B) Ratio: The P/B ratio is expected to decline from 2.14 in 2022 to 0.81 by 2026, suggesting a potential undervaluation [1]. Operational Analysis - Revenue Growth: In the first half of 2024, the company achieved revenue of 863 million, a year-on-year increase of 11% [2]. - Cost Management: The company’s operating costs grew only by 3.5% in Q2 2024, indicating effective cost management strategies [2]. - Profit Margins: The gross profit for Q2 2024 was 52.5 million, with a gross margin increase of 3.6 percentage points to 11.9% [2]. - Logistics Network: The company operates a comprehensive logistics network, including over 3,200 million square meters of warehouse space and approximately 50,000 self-owned transport vehicles [2].