Investment Rating - The investment rating for JD Logistics is maintained at "Buy" [1][8] Core Views - JD Logistics achieved a revenue of 166.625 billion RMB in 2023, representing a year-on-year growth of 21.27%, and successfully turned a profit with a net profit of 1.167 billion RMB compared to a net loss of 1.09 billion RMB in the previous year [2][5] - The company demonstrated improved self-sustainability with a net profit of 616 million RMB attributable to the parent company, marking a significant turnaround [3][5] - External revenue accounted for nearly 70% of total revenue, indicating strengthened customer acquisition capabilities [6][5] Summary by Sections Financial Performance - In Q4 2023, JD Logistics recorded a revenue of 47.2 billion RMB, a year-on-year increase of 9.75%, with a net profit of 1.242 billion RMB, up 152.46% [2][5] - The gross profit for 2023 was 12.683 billion RMB, reflecting a 25.58% increase, with a gross margin of 7.61%, an increase of 0.26 percentage points [5][6] Revenue Breakdown - Internal revenue from JD Group was 50.063 billion RMB, growing 3.73%, while external revenue reached 116.561 billion RMB, up 30.76% [6][5] - The number of customers contributing over 10 million RMB in revenue increased by 6.08% to 384, with average revenue per customer rising by 8.77% to 45.9 million RMB [6][5] Profitability Forecast - The forecast for 2024-2026 anticipates revenues of 183.974 billion RMB, 199.837 billion RMB, and 216.164 billion RMB, with net profits of 1.271 billion RMB, 1.937 billion RMB, and 2.802 billion RMB respectively [7][8] - The projected P/E ratios for 2024, 2025, and 2026 are 37.45, 24.57, and 16.98 respectively, indicating a positive outlook for profitability [7][8]
盈利能力持续改善，外部收入拉动增长评