Investment Rating - The report maintains a "Buy" rating for the company, JD Logistics (2618 HK), with a target price raised from HKD 11.30 to HKD 16.30, indicating a potential upside of 21.5% [2][10]. Core Insights - The company is expected to report a revenue increase of 6% year-on-year for Q3 2024, reaching RMB 44.2 billion, which aligns with previous expectations. The adjusted net profit is projected to be RMB 10.9 billion, a 29% increase year-on-year, surpassing market expectations by 51% [1][6]. - The improved profit margins are attributed to operational efficiency enhancements, including better space utilization, cost control in transportation, and optimized product mix and pricing strategies [1][6]. - The anticipated collaboration with Taobao for the 2024 Double Eleven event is expected to boost business volume growth, particularly in supply chain and logistics services [2][10]. Financial Overview - Revenue for 2022 was RMB 137.4 billion, with projections of RMB 166.6 billion for 2023 and RMB 180.6 billion for 2024, reflecting a year-on-year growth rate of 21.3% and 8.4% respectively [5][11]. - The adjusted net profit for 2023 is expected to be RMB 2.8 billion, increasing to RMB 6.1 billion in 2024, with a corresponding net profit margin of 3.4% [5][11]. - The company’s market capitalization is approximately HKD 88.9 billion, with a year-to-date stock price increase of 37.22% [4][11].
京东物流：3季度预览：收入符合预期，利润有望再超市场预期