Investment Rating - The report maintains a "Buy" rating for JD Logistics (02618.HK) with a target price of HKD 11.7, compared to the current price of HKD 8.04 [1]. Core Insights - JD Logistics achieved profitability in 2023, with a significant revenue increase of 21.3% year-on-year, reaching CNY 166.6 billion. The net profit attributable to shareholders was CNY 2.76 billion, a 70% increase year-on-year [1][4]. - The company has expanded its external customer base, with external customer revenue rising to CNY 11.66 billion, marking a 30.8% year-on-year growth. The number of integrated supply chain customers reached 1166, indicating a strong market presence [1][4]. - The report highlights the company's strategic focus on integrated supply chain services, particularly in overseas markets, which is expected to drive future growth [1][4]. Financial Performance Summary - Revenue: In 2023, JD Logistics reported a total revenue of CNY 166.6 billion, up 21.3% from the previous year [1][4]. - Net Profit: The net profit attributable to shareholders was CNY 2.76 billion, reflecting a 70% increase year-on-year [1][4]. - Gross Margin: The gross margin improved to 7.6%, an increase of 0.3 percentage points compared to the previous year [1][4]. - Cost Structure: Operating costs were well-aligned with revenue growth, with a slight increase in the cost-to-revenue ratio, indicating effective cost management [1][4]. Customer Base and Market Expansion - External Customers: The number of external customers increased to 1166, with a focus on high-quality clients such as Panasonic China [1][4]. - Integrated Supply Chain Services: Revenue from integrated supply chain services reached CNY 50.1 billion, a 314% increase year-on-year, showcasing the company's strong service capabilities [1][4]. - Overseas Expansion: The report emphasizes the company's ongoing efforts to expand its services internationally, particularly in cross-border logistics, which is expected to enhance its competitive edge [1][4].
2023年报点评：2023年成功扭亏为盈，内外部均高质量增长，持续推荐