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<Research>G Sachs Rates JD LOGISTICS at Buy; 4Q Adjusted NP Beats
Recommend 8 Positive 14 Negative 10 |
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According to a report from Goldman Sachs, JD LOGISTICS (02618.HK) achieved a revenue of RMB63.5 billion in 4Q25, marking a YoY growth of 22%, slightly higher than the broker's expectation of a 21% increase. The revenue contribution from external customers dropped by 12 ppts YoY to 58%. Internal integrated supply chain revenue exceeded Goldman Sachs' expectations by 10%, reaching RMB26.7 billion, up 68% YoY, benefiting from the expansion of instant delivery services through the increasing capacity of dedicated delivery. JD LOGISTICS also reported an EBIT margin of 3.2%, in line with expectations, while the adjusted net profit of RMB2.4 billion beat Goldman Sachs' expectations by 5%, though it was still 2% below market expectations. The profit margin was 3.7%, mildly above the broker's expectation of 3.6%, but lower than the 4.3% in 4Q24. Goldman Sachs has rated JD LOGISTICS at Buy, with a 12-month target price of HKD17.4 based on a sum-of-the-parts valuation method. AAStocks Financial News |
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