Investment Rating - The report maintains an "Outperform" rating for JD Logistics with a target price of HKD 14.61, compared to the current price of HKD 9.37 [3][6]. Core Insights - In the first half of 2024, JD Logistics recorded a revenue of RMB 86.3 billion, an increase of 11.0%, and a Non-IFRS net profit of RMB 3.1 billion, a significant increase of 2631% [6][4]. - The company's Non-IFRS net profit margin improved to 3.6%, up 3.5 percentage points from 0.1% in 2023 [6][4]. - For Q2 2024, revenue was RMB 44.2 billion, up 7.7%, with a Non-IFRS net profit of RMB 2.456 billion, an increase of 197.4% [6][4]. - The report forecasts total revenue for 2024 to reach RMB 180.98 billion, an increase of 8.6%, with a Non-IFRS net profit margin of 2.6% [6][4]. Financial Performance Summary - Revenue growth for 2024 is projected at 8.6%, with net profit expected to be RMB 4.755 billion [5][6]. - The gross margin is expected to improve from 7.6% in 2023 to 9.4% in 2024, reaching 12.0% by 2026 [5][6]. - The report indicates a significant improvement in profitability, with Non-IFRS net profit margins expected to rise to 4.4% by 2026 [5][6]. Operational Metrics - The integrated supply chain business generated RMB 418 billion in revenue in H1 2024, with external clients contributing RMB 154 billion [4][6]. - The number of external integrated supply chain clients reached 64,379, a year-on-year increase of nearly 6% [4][6]. - The company achieved a gross margin of 11.9% in Q2 2024, an increase of 3.6 percentage points from the same period in 2023 [4][6].
京东物流：24Q2 降本增效成果显著，利润率提升超预期