IPO动态 A股 8月28日，纳百川将在深交所上会，顺利过会，将在创业板上市。 8月29日，恒坤新材、泰金新能将在上交所上会，拟在科创板上市。 本周共有两只新股进行申购。 8月25日，华新精科(603370)在上交所主板进行申购。 8月26日，三协电机(920100) 在北交所进行申购。 新股上市： 本周只有一只新股上市。 8月28日，巴兰仕(920112) 在北交所上市。 新股申购： 港股 8月25日，纳真科技、国星宇航、应世生物向港交所递交招股书。 8月26日，先导智能、希磁科技、天星医疗向港交所递交招股书。 下周，9月1日，艾芬达(301575) 将在创业板进行申购。 8月27日，圣火科技、海伟电子、安得智联向港交所递交招股书。 8月28日，博铭维技、山推工程、八马茶叶向港交所递交招股书。 8月29日，飞骧科技、奇瑞汽车向港交所递交招股书。 热点追踪 禾赛科技完成港股上市备案，今年二季度营收同比增长超50% 近日，中国证监会网站发布关于Hesai Group(禾赛科技)境外发行上市备案通知书。禾赛科技将计划发行 不超过51,236,200股境外上市普通股并在香港交易所上市。 根据港交所上市规则，企业需在 ...

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]