Investment Rating - The investment rating for the company is Neutral [11]. Core Insights - The company's Q1 2024 performance exceeded expectations with revenue of 42.1 billion RMB, a year-on-year increase of 15%, surpassing market expectations by 4% [6][9]. - The external integration revenue grew by 5%, with a customer base of 56,000, indicating a recovery in growth [6][9]. - The adjusted net profit reached 663 million RMB, marking the first profitable Q1 since its listing, driven by business structure optimization and improved operational efficiency [6][9]. Summary by Sections Q1 2024 Performance - Total revenue was 42.1 billion RMB, up 15% year-on-year, with external revenue accounting for 69% [6][9]. - Internal orders accelerated with a growth rate of 15%, benefiting from the growth of JD Retail and lowered free shipping thresholds [6][9]. - Gross margin improved by 3 percentage points to 7.7% due to customer structure adjustments and scale effects [6][9]. Outlook and Valuation - Management maintains guidance for high single-digit revenue growth and an adjusted net profit margin of 1.7%-2% for the year [6][9]. - The adjusted net profit forecast for 2024 has been raised by 8% to 2.2% net profit margin, with expectations for better performance than the upper guidance limit [6][9]. - The target price has been adjusted from 9.5 HKD to 10.1 HKD based on a 15x P/E ratio for 2024 [6][11].
京东物流：1季度业绩好于预期，外部一体化增速恢复仍在爬坡阶段