Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - JD Logistics is acquiring the remaining 36.43% stake in Kuaijie Express for no more than RMB 6.484 billion, resulting in full ownership of Kuaijie Express. The acquisition will be paid in three installments, consisting of a base price and profit-sharing payments [2][8]. - The acquisition is expected to enhance synergies and support international business development, with anticipated benefits including growth in Kuaijie Express's performance, deeper brand collaboration, and improved management efficiency [3][9]. Financial Summary - Revenue projections for 2024-2026 are RMB 180.3 billion, RMB 196.0 billion, and RMB 211.2 billion, with growth rates of 8.2%, 8.7%, and 7.8% respectively [4][10]. - Adjusted net profit estimates for the same period are RMB 7.26 billion, RMB 7.95 billion, and RMB 8.79 billion, with adjusted net profit margins of 4.0%, 4.1%, and 4.2% [4][10]. - The company expects Kuaijie Express's net profit to reach RMB 2.149 billion and RMB 2.351 billion in 2024 and 2025, respectively, reflecting a year-on-year growth of 9.4% [2][8]. Performance Metrics - The report indicates that Kuaijie Express's net profit for 2022 and 2023 was RMB 0.848 billion and RMB 1.447 billion, respectively, with a year-on-year growth of 70.6% in 2023 [3][9]. - The base profit for the acquisition is calculated at a 15x PE ratio, with base profits projected at RMB 0.83 billion for 2023, RMB 0.892 billion for 2024, and RMB 0.959 billion for 2025 [2][8]. Market Data - As of December 10, 2024, the closing price of the stock is HKD 14.5, with a total market capitalization of HKD 96.1 billion [6]. - The total share capital is 6.627 billion shares, and the net assets attributable to shareholders amount to RMB 50.8 billion [6].
京东物流：收购跨越速运剩余股份，协同效应有望加深