Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 46.97 billion RMB in Q1 2025, representing a year-on-year growth of 11.5%, and a net profit attributable to shareholders of 450 million RMB, up 89.1% year-on-year [1] - The company is expected to benefit from its integrated supply chain logistics capabilities and accelerated overseas expansion, which will continue to drive revenue and profit growth [1] - The report slightly lowers the net profit forecast for 2025 by 3% due to increased resource investment leading to higher costs, adjusting the target price down by 6% to 16.7 HKD [5] Revenue Breakdown - Revenue from JD Group business in Q1 2025 was 14.7 billion RMB, a year-on-year increase of 14.1%, accounting for 31.3% of total revenue [2] - External customer business revenue was 32.27 billion RMB, growing 10.3% year-on-year, making up 68.7% of total revenue [2] - Integrated supply chain business revenue reached 23.2 billion RMB, up 13.2% year-on-year, representing 49.4% of total revenue [3] Profitability Metrics - The gross margin for Q1 2025 was 7.2%, down 0.5 percentage points year-on-year, primarily due to increased investments in logistics infrastructure and personnel [4] - The report anticipates an improvement in gross margin and Non-IFRS profit margin in Q2 2025 as business volume increases and economies of scale are realized [4] Financial Projections - Projected revenue for 2025 is 205.13 billion RMB, with a year-on-year growth of 12.19% [29] - The net profit attributable to shareholders is expected to reach 6.9 billion RMB in 2025, reflecting an 11.36% increase [29] - The report provides a PE ratio forecast of 10.92 for 2025, indicating a valuation aligned with comparable companies [29]
京东物流（02618）：业绩向好，收入规模及盈利稳步增长