Investment Rating - The report maintains a "Buy" rating for JD Logistics [2][5] Core Insights - JD Logistics achieved a revenue of 182.84 billion yuan in 2024, representing a year-on-year growth of 9.7%, and a net profit of 7.09 billion yuan, a significant increase of 507.2% [3] - The company’s gross profit rose from 12.7 billion yuan in 2023 to 18.7 billion yuan in 2024, with the gross margin improving from 7.6% to 10.2% [5] - The integration into the Taobao and Tmall platforms is expected to broaden the customer base and leverage the advantages of integrated supply chain solutions [5] Financial Performance Summary - Revenue for 2024 was 182.84 billion yuan, with a growth rate of 9.73% compared to 2023 [11] - The net profit for 2024 was 6.20 billion yuan, showing a remarkable growth rate of 905.79% [11] - The company’s operating costs increased by 6.6% to 164.1 billion yuan, while the cost-to-income ratio decreased from 92.4% in 2023 to 89.8% in 2024 [4] - The average revenue per external customer slightly decreased by 4.8% to 400,000 yuan [3] Customer Revenue Breakdown - Revenue from external customers accounted for approximately 69.9% of total revenue, with external customer revenue growing by 9.6% to 127.78 billion yuan [3] - Revenue from integrated supply chain customers was 32.29 billion yuan, a growth of 2.8%, with the number of customers increasing from 74,700 to 80,700 [3] Future Profit Forecast - The forecasted net profit for 2025, 2026, and 2027 is expected to be 6.63 billion yuan, 7.36 billion yuan, and 7.94 billion yuan respectively [5][11]
京东物流：规模效应逐步显现，盈利能力显著提升-20250312