Investment Rating - The report maintains a "Buy" rating for the company, expecting a net profit of 46 billion, 52 billion, and 59 billion for 2024, 2025, and 2026 respectively [2]. Core Insights - The company achieved a revenue of 863 million in H1 2024, representing a year-on-year growth of 11%, with a net profit of 22.6 million, marking a turnaround from losses [2]. - The growth in revenue is primarily driven by the increase in business volume from express and freight services, with significant contributions from integrated supply chain clients [2]. - Cost control measures have led to improved profit margins, with Q2 2024 gross profit reaching 52.5 million, a 55% increase year-on-year, and a net profit margin of 4.6% [2]. Financial Performance Summary - Revenue for 2022 was 137,402 million, 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]. - The net profit for 2022 was -1,397 million, expected to rise to 5,904 million by 2026, with a significant growth rate of 639.98% in 2024 [1]. - The diluted earnings per share (EPS) improved from -0.21 in 2022 to 0.89 in 2026 [1]. - The return on equity (ROE) is projected to increase from -3.00% in 2022 to 9.24% in 2026 [1]. Operational Analysis - The company has established a robust logistics infrastructure, including over 32 million square meters of warehouse space and a fleet of approximately 50,000 self-operated transport vehicles [2]. - The number of external integrated supply chain clients increased by 11.2% to 57,889, indicating a growing customer base [2]. - The company’s cost management strategies have resulted in a stable increase in operating efficiency, with employee compensation being the primary cost driver [2].
京东物流：港股公司点评：Q2净利润创新高，利润率大幅改善