Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3]. Core Insights - The company achieved a revenue of 182.8 billion RMB in 2024, representing a 10% year-on-year growth, with a significant increase in net profit of 906% to 6.2 billion RMB [1][2]. - The growth in revenue is attributed to the national subsidy policy and an increase in sales from JD Retail, with integrated supply chain customer revenue growing by 7.2% [1]. - The company has successfully reduced costs and improved efficiency, leading to a gross profit of 18.7 billion RMB, a 47% increase, and a gross margin improvement of 2.6 percentage points to 10.2% [2]. Financial Performance - In Q4 2024, the company reported a revenue of 52.1 billion RMB, a 10% increase year-on-year, and a net profit of 1.73 billion RMB, up 66% [1]. - The operating costs for 2024 were 164.1 billion RMB, a 6.6% increase, which is lower than the revenue growth rate [2]. - The company expects net profits for 2025, 2026, and 2027 to be 7.1 billion RMB, 8.4 billion RMB, and 9.7 billion RMB respectively [3]. Operational Strategy - The company has upgraded its digital supply chain technology, integrating AI and big data to enhance operational efficiency and reduce costs [3]. - The acquisition of the remaining 36.43% stake in Kuayue Express aims to achieve full control, enhancing resource synergy and operational efficiency [3]. Financial Projections - The projected revenue for 2025 is 193.3 billion RMB, with a growth rate of 5.7% [5]. - The projected net profit for 2025 is 7.1 billion RMB, reflecting a growth rate of 13.9% [5].
京东物流：政策促进收入增长，净利润同比大增-20250307