京东物流(02618) 报告日期：2025 年 11 月 14 日 证券研究报告 | 公司点评 | 物流 25Q3 一体化供应链收入同比+46%，持续开拓高价值市场 ——京东物流 2025 三季报点评 投资要点 其他客户收入实现 249 亿元，同比+5.1%，占比 45.3%，主要由于快递快运业务 量的增加。 2025Q3 来自京东集团的收入为 212 亿元，同比+65.8%，占比 38.5%；公司来自 京东集团的收入同比激增主要由于承接京东外卖等即时零售配送业务密切相关。 来自外部客户收入为 338.8 亿元，同比+7.2%，占比 61.5%。 ❑ 细分领域 仓储网络：截至 2025 年 9 月 30 日公司运营 1600 多个仓库和由云仓生态平台上 第三方业主经营的 2000 多个云仓，仓储网络总管理面积超过 3400 万平方米，公 司在全国 30 个城市运营 45 个亚洲一号智能产业园。 综合运输网络： 2025 年 Q3 公司成功开通深圳至新加坡的全货机航线，进一步完 善了在亚太地区的航空物流网络布局。该航线凭借高频稳定的时刻安排，为华南 地区出口企业提供了高效物流解决方案，可将高端电子产品、智能终端 ...

IPO Dynamics - Nabichuan will be listed on the ChiNext after successfully passing the review on August 28 [1] - Hengkun New Materials and Taijin New Energy are set to be reviewed for listing on the Sci-Tech Innovation Board on August 29 [1] New Stock Listings - Only one new stock, Balanshi (920112), was listed on the Beijing Stock Exchange on August 28 [2] New Stock Subscriptions - Two new stocks were available for subscription this week [3] - Huaxin Jingke (603370) was available for subscription on the Shanghai Stock Exchange on August 25 [4] - Sanxie Electric (920100) was available for subscription on the Beijing Stock Exchange on August 26 [5] - Aifenda (301575) will be available for subscription on the ChiNext on September 1 [6] Hong Kong Stock Market - Several companies submitted their prospectuses to the Hong Kong Stock Exchange, including Nazhen Technology, Guoxing Aerospace, and Yingshi Biotechnology on August 25 [7] - Xian Dao Intelligent, Xici Technology, and Tianxing Medical submitted their prospectuses on August 26 [8] - Shenghuo Technology, Haiwei Electronics, and Ande Zhili submitted their prospectuses on August 27 [9] - Bomeng Weiji, Shanpush Engineering, and Bama Tea submitted their prospectuses on August 28 [10] - Feixiang Technology and Chery Automobile submitted their prospectuses on August 29 [11] Hotspot Tracking - Hesai Group has completed the filing for its Hong Kong listing, planning to issue up to 51,236,200 shares [12] - In Q2 2025, Hesai achieved revenue of 710 million RMB, a year-on-year increase of over 50%, and net profit exceeded 40 million RMB [12] - Total delivery of laser radars reached 352,095 units in Q2, a year-on-year increase of 306.9% [12] - Midea Group's subsidiary Ande Zhili submitted an application for H-share listing in Hong Kong on August 27 [13] - Ande Zhili is the largest integrated supply chain logistics solution provider in the domestic home appliance industry, with projected revenue of 18.7 billion RMB in 2024 [14] - The integrated supply chain logistics market in China is expected to grow from 3.1 trillion RMB in 2024 to 4.67 trillion RMB by 2029, with a CAGR of 8.5% [14] - Dazhu CNC will start its Hong Kong listing NDR on September 1, with an expected transaction size of 400 to 600 million USD [15] - Dazhu CNC is the largest PCB specialized production equipment manufacturer globally, with a market share of 6.5% [15] - Bama Tea updated its prospectus, reporting a 18% decline in net profit in the first half of 2025 [16] - Bama Tea's revenue for the first half of 2025 was 1.063 billion RMB, a decrease of 4.2% compared to the same period in 2024 [17]

Investment Rating - The report assigns an "Accumulate" rating for JD Logistics (02618) [2] Core Insights - JD Logistics has turned profitable in 2023 with an adjusted net profit of 2.76 billion RMB, a year-on-year increase of 218.8%, and achieved a record high adjusted profit margin of 5.8% in Q3 2024 [6][31] - The integrated supply chain logistics industry is expected to continue consolidating, with JD Logistics poised to increase its order volume through integration with the Taotian platform [6][8] - The company has established a highly coordinated network comprising six major components: warehousing, comprehensive transportation, last-mile delivery, large items, cold chain logistics, and cross-border logistics [17][41] Summary by Sections 1. Company Overview - JD Logistics was established in 2007 as an internal logistics department of JD Group and began serving external customers in 2017, becoming a leader in integrated supply chain services [17][18] - The company has significantly expanded its external customer base, with external revenue exceeding 50% since 2021 [19][25] 2. Market Dynamics - The integrated supply chain logistics market in China reached 2,026 billion RMB in 2020 and is projected to grow to 3,190 billion RMB by 2025, with a compound annual growth rate of 9.5% [6] - JD Logistics ranks as the fifth largest integrated logistics service provider globally and second in China, capturing approximately 1.7% of the third-party logistics spending in 2023 [6] 3. Business Growth and Efficiency - The company has seen significant growth in its business volume, with a notable increase in warehouse efficiency and revenue per square meter from 3,494 RMB in 2020 to 5,207 RMB in 2023 [6][41] - The integration of technology, including cloud computing and AI, has enhanced operational efficiency and positioned JD Logistics as a technology-driven logistics service provider [6][41] 4. Financial Projections - JD Logistics is expected to achieve net profits of 6.53 billion RMB, 7.73 billion RMB, and 8.95 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13.9, 11.8, and 10.2 [8][9]