Investment Rating - The report maintains a "Recommended" rating for JD Logistics, anticipating continued performance improvement due to the scale effects of its instant delivery business [2][5]. Core Insights - JD Logistics achieved a revenue of 217.15 billion yuan in 2025, representing an 18.8% year-on-year growth, significantly higher than the 9.7% growth in 2024, primarily driven by the rapid increase in its instant delivery business [1][2]. - The company’s adjusted net profit for 2025 was 7.71 billion yuan, a slight decline of 2.6% year-on-year, with a notable profit of 2.35 billion yuan in Q4 2025, reflecting a 5.7% increase compared to the previous year [1][2]. - Revenue from JD Group reached 80.31 billion yuan, up 45.9% year-on-year, while revenue from external customers was 136.83 billion yuan, growing by 7.1% [1][2]. Financial Performance Summary - The operating costs for 2025 were 164.1 billion yuan, a 20.3% increase, slightly outpacing revenue growth. Employee compensation and outsourcing costs were the main contributors to this increase, with growth rates of 29.8% and 16.4%, respectively [2]. - The gross margin for 2025 decreased to 9.1% from 10.2% in the previous year, attributed to the rapid growth in operating costs [2]. - The company successfully doubled its self-operated overseas warehouse area, enhancing its fulfillment capabilities across 25 countries and regions, contributing to significant growth in overseas business [2]. Profit Forecast - The forecast for net profit attributable to the parent company for 2026-2028 is 8.0 billion, 9.28 billion, and 10.32 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 10.4X, 9.0X, and 8.1X [2][4].
京东物流（02618）：即时配送业务带动营收高增，看好26年规模效应释放