业绩简评 2024 年 8 月 15 日，京东物流发布 2024 年半年度财务信息。2024H1 公司实现营收 863 亿元，同比增长 11%；归母净利润为 22.6 亿元， 同比扭亏为盈。其中 2024Q2 公司实现营收 442 亿元，同比增长 7.7%；归母净利润为 20.3 亿元，同比增长 476%。 经营分析 其他客户收入增速较快，快递快运服务业务量增长为主因。2024 Q2 公司收入达 442 亿元，同比增长 7.7%，分客户看：（1）一体化 供应链客户收入为 213 亿元，同比增长 4.4%，其中来自京东集团 的内部一体化供应链收入为 135 亿元，同比增长 7%；外部一体化 供应链客户收入为 77.7 亿元，同比增长 0.2%，其中外部一体化客 户 ARPC 同比增长下降 9.9%至 13.4 万元，外部一体化供应链客户 数量同比增长 11.2%至 57889 名；（2）其他客户收入为 229 亿元， 同比增长 11%，主要系快递快运服务的业务量增加。 成本管控效果显现，利润率同比改善。2024Q2 公司营业成本为 390 亿元，同比仅增长 3.5%，主要是由于：（1）产品及网络结构的优 化；（ ...

交银国际研究 财务模型更新 互联网 2024 年 8 月 16 日 收盘价 目标价 潜在涨幅 港元 7.78 港元 11.30↑ +45.2% 京东物流 (2618 HK) 高质量利润改善好于预期，上调评级至买入 京东物流 （2618 HK）2 季度利润大幅好于预期，毛利率改善显著推动利润率 实现季度历史新高，反映公司精细化运营能力提升，我们认为消费结构变化 对收入端的影响已经反映在当前预期内，公司目前估值水平低于行业平均， 基于行业平均 13 倍 2024 年市盈率，我们上调公司目标价至 11.3 港元，评级 上调至买入。 2024 年 2 季度收入符合预期，利润大幅好于预期。收入同比增 8%至 442 亿元（人民币，下同），其中内部收入/外部一体化/外部其他收入同比增 7%/0%/11%。调整后净利润 24.6 亿元，同比近 2 倍增长，对应净利润率 5.6%，为上市以来季度最高水平，对比我们预期的净利润/净利润率 12 亿 元/2.7%。毛利润率同比提升 3.6 个百分点，主要来自外包成本占收比的下 降。公司通过精细化管理、优化运输环节车辆算法调度能力（如减少中转 次数）、自动化设备投入及产品结构调整实 ...

Revenue and Profit Growth - Total revenue for the first half of 2024 reached RMB 86.3 billion, a year-on-year increase of 11.0%[5] - External customer revenue for the first half of 2024 was RMB 59.9 billion, accounting for 69.4% of total revenue, a year-on-year increase of 11.2%[5] - Non-IFRS profit for the first half of 2024 was RMB 3.1 billion, a year-on-year increase of 2,631.2%[6] - Gross profit for the first half of 2024 was RMB 8.5 billion, a year-on-year increase of 68.7%[3] - Non-IFRS EBITDA for the first half of 2024 was RMB 9.3 billion, a year-on-year increase of 60.0%[3] - Non-IFRS EBITDA margin for the first half of 2024 was 10.8%, an increase of 3.3 percentage points year-on-year[3] - Total revenue increased by 7.7% YoY to RMB 44.2 billion for the three months ended June 30, 2024, compared to RMB 41.0 billion in the same period in 2023[28] - Revenue from integrated supply chain customers increased by 4.4% YoY to RMB 21.3 billion for the three months ended June 30, 2024[29] - Revenue from other customers increased by 11.0% YoY to RMB 22.9 billion for the three months ended June 30, 2024[29] - Revenue from JD Group accounted for 30.6% of total revenue, amounting to RMB 13.5 billion for the three months ended June 30, 2024[30] - Revenue from other sources (including third-party merchants on JD Group's platform) accounted for 69.4% of total revenue, amounting to RMB 30.7 billion for the three months ended June 30, 2024[30] - Total revenue increased by 11.0% from RMB 77.8 billion in H1 2023 to RMB 86.3 billion in H1 2024, driven by growth in both integrated supply chain and other customer segments[37] - Revenue from integrated supply chain customers grew by 7.6% from RMB 38.9 billion in H1 2023 to RMB 41.8 billion in H1 2024, with the number of external integrated supply chain customers increasing from 60,792 to 64,379[38] - Revenue from other customers increased by 14.5% from RMB 38.9 billion in H1 2023 to RMB 44.5 billion in H1 2024, driven by higher business volume in express delivery services[38] - Revenue from JD Group accounted for 30.6% of total revenue in H1 2024, while revenue from other sources (including third-party merchants on JD's platform) accounted for 69.4%[39] - Gross profit increased from RMB 5 billion in the first half of 2023 to RMB 8.5 billion in the same period of 2024, with the gross margin rising from 6.5% to 9.8%[41] - Net profit for the first half of 2024 was RMB 2.6 billion, a significant improvement from a net loss of RMB 500 million in the same period of 2023[45] - Non-IFRS profit for the first half of 2024 was RMB 3.12 billion, compared to RMB 114.2 million in the same period of 2023, with a non-IFRS profit margin of 3.7%[48] - Non-IFRS EBITDA margin for the first half of 2024 was 10.8%, up from 7.5% in the same period of 2023[49] - Non-IFRS EBITDA for the period reached RMB 5,633,097 thousand, with a margin of 12.79%[50] - Revenue for the six months ended June 30, 2024, was RMB 86.34 billion, with a gross profit of RMB 8.48 billion, representing a 68.7% increase from RMB 5.03 billion in the same period of 2023[61] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 2.26 billion, compared to a net loss of RMB 637.21 million in the same period of 2023[61] - Total comprehensive income for the six months ended June 30, 2024, was RMB 2.68 billion, compared to RMB 664.87 million in the same period of 2023[62] - Total revenue for the first half of 2024 reached RMB 86,344.76 million, a 11.0% increase compared to RMB 77,761.31 million in the same period of 2023[71] - Integrated supply chain customers contributed RMB 41,800.09 million to revenue in H1 2024, up 7.6% from RMB 38,852.51 million in H1 2023[71] - Basic earnings per share for H1 2024 were RMB 0.36, a significant improvement from a loss of RMB 0.10 per share in H1 2023[74] Integrated Supply Chain Performance - External integrated supply chain customer revenue for the first half of 2024 was RMB 15.4 billion, showing steady growth[6] - The number of external integrated supply chain customers reached 64,379 in the first half of 2024, a year-on-year increase of 5.9%[6] - Average revenue per external integrated supply chain customer was RMB 239,000 in the first half of 2024[6] - Revenue from integrated supply chain customers reached RMB 41.8 billion in H1 2024, with external integrated supply chain revenue at RMB 15.4 billion. The number of external integrated supply chain customers grew by 5.9% YoY to 64,379, with average revenue per customer at RMB 239,000[8] - The number of external integrated supply chain customers increased from 52,063 in Q2 2023 to 57,889 in Q2 2024[29] - Revenue from integrated supply chain customers increased by 4.4% YoY to RMB 21.3 billion for the three months ended June 30, 2024[29] - Revenue from integrated supply chain customers grew by 7.6% from RMB 38.9 billion in H1 2023 to RMB 41.8 billion in H1 2024, with the number of external integrated supply chain customers increasing from 60,792 to 64,379[38] Logistics Network and Infrastructure - JD Logistics expanded its next-day and second-day delivery coverage, enhancing customer experience and satisfaction. The company's full-freighter capabilities improved fresh produce delivery services, particularly for cherries and lychees, ensuring high-quality and stable delivery nationwide. In Hong Kong and Macau, JD Logistics continued to deliver premium services[7] - JD Logistics operated over 1,600 warehouses, 19,000 delivery stations, and employed nearly 340,000 self-operated delivery personnel as of June 30, 2024, strengthening its logistics infrastructure[7] - The company's logistics technology products and solutions cover key supply chain processes such as warehousing, sorting, transportation, and delivery, with core products including high-density storage systems, automated guided vehicles, and intelligent delivery vehicles[13] - The company operates one of China's largest warehousing networks, with over 1,600 self-operated warehouses and 2,000 cloud warehouses, covering a total area of over 32 million square meters[16] - The company's integrated transportation network includes 50,000 self-operated vehicles, over 600 railway routes, and 2,000 air freight routes as of June 30, 2024[17] - The company's last-mile delivery network consists of 340,000 self-operated delivery personnel and over 19,000 delivery stations, covering 300+ cities across China[18] - The company operates over 200 large-item warehouses and sorting centers, with a total management area exceeding 4 million square meters as of June 30, 2024[19] - The company's cold chain network includes 60 temperature-controlled warehouses for fresh and frozen food, covering 400,000 square meters, and 30 specialized warehouses for pharmaceuticals and medical devices, covering 300,000 square meters as of June 30, 2024[20] - The company operates nearly 100 bonded warehouses, direct mail warehouses, and overseas warehouses, with a total managed area of nearly 1 million square meters as of June 30, 2024[21] - The company has established overseas warehouses in 18 countries and regions, including the US, Germany, and the UAE, as of June 30, 2024[21] Technology and Innovation - JD Logistics invested in technology innovation, employing over 4,000 R&D professionals as of June 30, 2024. The company focused on automation, digitalization, and intelligent decision-making to optimize costs, efficiency, and customer experience[7] - In Q2 2024, the company provided customized services to a leading domestic semiconductor company using its self-developed Tianlang goods-to-person system and fully automated warehousing and delivery solutions[13] - The company's Supply Chain Emission Management Platform (SCEMP) has been certified by ISO14064 and is used by over 25 global clients for carbon emission monitoring as of June 2024[14] - As of June 30, 2024, the company has over 4,000 authorized patents and software, with more than 2,000 related to automation and unmanned technologies[14] - R&D expenses remained stable at RMB 1.7 billion in the first half of 2024, compared to RMB 1.8 billion in the same period of 2023[43] Cost Management and Efficiency - Operating costs increased by 3.5% from RMB 37.6 billion in Q2 2023 to RMB 39.0 billion in Q2 2024, with the operating cost-to-revenue ratio decreasing by 3.6 percentage points to 88.1%[31] - Employee compensation and benefits for operational staff rose by 13.1% from RMB 13.4 billion in Q2 2023 to RMB 15.1 billion in Q2 2024, driven by an increase in the number of operational employees[31] - Gross profit increased from RMB 3.4 billion in Q2 2023 to RMB 5.3 billion in Q2 2024, with the gross margin rising from 8.3% to 11.9% due to cost efficiency improvements[32] - Sales and marketing expenses grew by 12.9% from RMB 1.2 billion in Q2 2023 to RMB 1.4 billion in Q2 2024, driven by the expansion of the sales and marketing team[33] - Operating costs increased by 7.1% from RMB 72.7 billion in the first half of 2023 to RMB 77.9 billion in the same period of 2024, with the cost-to-revenue ratio decreasing by 3.4 percentage points to 90.2%[40] - Employee compensation and benefits for operational staff rose by 14.9% from RMB 26 billion in the first half of 2023 to RMB 29.9 billion in the same period of 2024, driven by an increase in the number of operational staff[40] - Sales and marketing expenses grew by 18.1% from RMB 2.4 billion in the first half of 2023 to RMB 2.8 billion in the same period of 2024, driven by the expansion of the sales and marketing team[42] - Employee compensation and benefits expenses, including share-based compensation, totaled RMB 33.5 billion for the six months ended June 30, 2024, a 13.6% increase compared to RMB 29.5 billion in the same period of 2023[60] - Employee compensation and benefits expenses increased to RMB 33,509.17 million in H1 2024, up 13.6% from RMB 29,490.85 million in H1 2023[73] Cash Flow and Financial Position - Total cash resources as of June 30, 2024, amounted to RMB 42.1 billion[53] - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB 7,382,334 thousand[54] - Free cash inflow for the six months ended June 30, 2024, was RMB 1.4 billion, compared to a free cash outflow of RMB 2.1 billion in the same period of 2023[54] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 709,497 thousand[54] - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 5,995,724 thousand[54] - The company's capital-to-debt ratio as of June 30, 2024, was approximately 15.4%[58] - Total assets as of June 30, 2024, were RMB 111.45 billion, with non-current assets of RMB 52.98 billion and current assets of RMB 58.47 billion[63] - Cash and cash equivalents as of June 30, 2024, were RMB 17.92 billion, compared to RMB 17.21 billion as of December 31, 2023[63] - Outstanding borrowings as of June 30, 2024, were RMB 7.8 billion[60] - Restricted cash pledged as collateral as of June 30, 2024, was RMB 238.9 million[60] - The company has no significant contingent liabilities or guarantees as of June 30, 2024[60] - Net cash generated from operating activities in H1 2024 was RMB 7,382.33 million, a 71.7% increase from RMB 4,298.91 million in H1 2023[65] - Total equity attributable to the company's owners increased to RMB 50,775.90 million as of June 30, 2024, up 5.4% from RMB 48,157.92 million at the end of 2023[64] - Total liabilities decreased to RMB 53,181.96 million as of June 30, 2024, down 7.6% from RMB 57,528.08 million at the end of 2023[64] - Cash and cash equivalents at the end of H1 2024 stood at RMB 17,919.82 million, a 15.9% increase from RMB 15,456.40 million at the end of H1 2023[65] - Trade receivables as of June 30, 2024, amounted to RMB 15,111,185 thousand, with a credit loss allowance of RMB 435,963 thousand[75] - Trade receivables aged within 3 months accounted for RMB 14,834,761 thousand as of June 30, 2024[76] - Trade payables as of June 30, 2024, totaled RMB 7,252,906 thousand, including RMB 38,558 thousand under supplier financing arrangements[78] - Trade payables aged within 3 months amounted to RMB 6,671,740 thousand as of June 30, 2024[79] Corporate Governance and Capital Allocation - The company maintained high standards of corporate governance and complied with the Corporate Governance Code as of June 30, 2024[80] - The net proceeds from the placement and subscription amounted to approximately RMB 6,924 million[86] - As of May 16, 2024, the unused amount of the net proceeds was approximately RMB 712 million, and the initial expected timeline was extended by 12 to 24 months starting from May 16, 2024[87] - The net proceeds were allocated as follows: RMB 5,885 million for optimizing the logistics network and solutions, and RMB 1,039 million for general corporate purposes and working capital needs[92] - The total net proceeds used as of June 30, 2024, were RMB 20 million, with RMB 692 million remaining unused[92] - The company extended the expected timeline for the use of net proceeds from the global offering to 12-36 months starting from May 16, 2024[84] - As of June 30, 2024, the unused amount of net proceeds from the global offering was RMB 5,170 million[85] - The company allocated RMB 12,620 million of net proceeds for upgrading and expanding its logistics network, with RMB 2,303 million remaining unused as of June 30, 2024[85] - RMB 4,589 million was allocated for developing advanced technology related to supply chain solutions, with RMB 2,134 million remaining unused as of June 30, 2024[85] - No significant acquisitions or disposals of subsidiaries and associates were made during the six months ended June 30, 2024[58] - No significant investments were made during the six months ended June 30, 2024[58] - No major investment or capital asset plans were announced as of June 30, 2024[58] - No interim dividend was declared or recommended for the period ending June 30, 2024[75] Employee and Workforce Management - Total number of employees as of June 30, 2024, is 451,823, with 95.2% in operations, 2.4% in sales and marketing, 1.0% in R&D, and 1.4% in general and administrative functions[59] - Employee compensation and benefits expenses, including share-based compensation, totaled RMB 33.5 billion for the six months ended June 30, 2024, a 13.6% increase compared to RMB 29.5 billion in the same period of 2023[60] - Employee compensation and benefits for operational staff rose by 13.1% from RMB 13.4 billion in Q2 2023 to RMB 15.1 billion in Q2 2024, driven by an increase in the number of operational employees[31] - Employee compensation and benefits for operational staff rose by 14.9% from RMB 26 billion in the first half of 2023 to RMB 29.9 billion in the same period of 2024, driven by an increase in the number of operational staff[40] - Employee compensation and benefits expenses increased to RMB 33,509.17 million in H1 2024, up 13.6% from RMB 29,490.85 million in H1 2023[73] Industry-Specific Supply Chain Solutions - JD

Investment Rating - The investment rating for JD Logistics is Neutral, with a target price adjusted from HKD 10.10 to HKD 9.80, reflecting a potential upside of 15.6% from the current price of HKD 8.48 [2][13]. Core Insights - The report indicates a downward adjustment in revenue growth expectations for Q2 2024 to RMB 43.87 billion, a 7% year-on-year increase, primarily due to weak demand in the large item sector and a focus on managing standard item pricing [1][3]. - Adjusted net profit is expected to reach RMB 1.2 billion for Q2 2024, representing a 45% year-on-year increase, with a profit margin of 2.7%, better than the previous forecast of 2.3% [1][10]. - The company is enhancing its warehousing capabilities in key industrial zones and deepening partnerships with brands like Xiaomi and Miniso, while also expanding its logistics services in regions like Hong Kong and Europe [1][3]. Revenue and Profitability - Total revenue for 2024 is projected to grow by 8%, with adjusted net profit expected to reach RMB 4.4 billion, corresponding to a profit margin of 2.4% [1][3]. - The breakdown of revenue shows internal revenue at RMB 13.54 billion and external revenue at RMB 30.34 billion for Q2 2024, with external revenue accounting for 69% of total revenue [3][14]. - The gross profit margin is expected to improve to 9.4% in Q2 2024, up from 7.7% in Q1 2024 [5][10]. Cost Management - The report highlights effective cost management strategies leading to a reduction in operational costs, with marketing expenses expected to rise by 18% year-on-year, while R&D expenses are projected to remain stable [6][8]. - Adjusted operating profit for Q2 2024 is forecasted at RMB 1.35 billion, with an adjusted operating profit margin of 3.1% [9][10]. Future Outlook - The logistics sector is facing challenges due to overall industry demand, but JD Logistics is focusing on efficiency improvements and strategic partnerships to drive growth [1][2]. - The company is expected to maintain a healthy growth trajectory despite the current market conditions, with a focus on enhancing service capabilities and expanding its logistics network [1][3].

Investment Rating - The report maintains a "Buy" rating for JD Logistics with a target price of HK$14.23, indicating a potential upside of 57% from the current price of HK$9.06 [1][2][10] Core Insights - JD Logistics has shown significant improvement in profit margins, leading to an upward revision of the earnings per share (EPS) forecast for 2024-2026 by 4.7% to 18.4% [4][8] - The company is expected to benefit from enhanced operational efficiency due to automation, cost savings from the integration of Debon Holdings, and improved economies of scale [4][5] - The report highlights that 31% of JD Logistics' revenue still comes from related parties, indicating a significant dependency on its parent company, JD Group [5][6] Summary by Sections Financial Performance - Revenue for 2024 is projected at RMB 181,863 million, with a growth rate of 9.1% [6][9] - The gross profit margin is expected to improve from 7.6% in 2023 to 8.3% in 2024 [7][9] - Adjusted net profit for 2024 is forecasted at RMB 2,634 million, reflecting a 32.7% year-on-year increase [6][9] Earnings Forecast - The report revises the EPS estimates for 2024 to RMB 0.42, up from RMB 0.40, and for 2025 to RMB 0.54, up from RMB 0.47 [3][9] - The adjusted net profit margin is expected to increase slightly, with projections of 1.4% for 2024 and 1.7% for 2025 [9][10] Valuation - The target price of HK$14.23 is based on a discounted cash flow (DCF) model, maintaining a WACC of 11.7% and a perpetual growth rate of 2% [10][11] - The current valuation suggests a significant discount of 36.3% compared to the target price, indicating potential for price appreciation [10][11]

2024 年5 月20 日 物流: 超配 授权转发报告/ 公司更新报告 京东物流 (2618 HK, 买入, 目标价: HK$13.20) 1Q24 业绩表现强势：收入、净利润均超预期 目标价: HK$13.20 当前股价: HK$9.80 • 京东物流公告1Q24 业绩，收入、净利润均超预期。 股价上行/下行空间 +35% • 一体化供应链客户数量恢复同比正增长，有望推动收入加速增长。 52周最高/最低价 (HK$) 13.68/6.61 市值 (US$mn) 6,235 • 重申“买入”评级及DCF 目标价13.20 港元。 当前发行数量(百万股) 4,963 三个月平均日交易額 9 此港股通报告之英文版本于2024 年5 月17 日中午12 时25 分由华兴证券（香港）发 (US$mn) 流通盘占比 (%) 26 布。中文版由华兴证券的姜雪烽（证券分析师登记编号：S1680519070001）审核。如 主要股东 (%) 果您想进一步讨论本报告所述观点，请与您在华兴证券的销售代表联系。 京东科技集团 64 1Q24 强势表现为实现全年指引奠定坚实基础：京东物流公告1Q24 业绩，收入同比增长 天作之合有限 ...

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年5月17日 港元9.80 港元10.10↑ +3.1% 京东物流 (2618 HK) 1 季度业绩好于预期，外部一体化增速恢复仍在爬坡阶段  2024年1季度业绩：收入421亿元（人民币，下同），同比增15%，高于 个股评级 我们/彭博市场预期4%。外部收入占收比69%，同环比基本持平，内单增 中性↓ 速15%，高于我们此前预期的8%。客户结构调整和规模效应推动毛利率 同比提升3个百分点至7.7%。调整后净利润/利润率6.6亿元/1.6%，上市 1年股价表现 以来首次在1季度实现盈利，得益于业务结构持续优化及运营效率提升， 2618 HK 利润大幅超出我们预期的6900万元。 10% MSCI中国指数 0%  业绩要点：1）内单加速增长，同比增15%，对比去年4季度11%的增速进 -10% 一步提升，得益于京东零售业务增长及下调包邮门槛拉动业务量。2）外 -20% 部一体化收入增5%，客户数5.6万名，同比恢复正增长至2%，单客户平 -30% 均收入增3%（去年4季度+15%），增速有所放缓，主要因新增大客户初 -40% -50% 期合作 ...

Revenue Growth - Revenue increased by 14.7% to RMB 42.14 billion in Q1 2024 compared to RMB 36.73 billion in Q1 2023[2] - Integrated supply chain customer revenue rose by 11.1% to RMB 20.50 billion in Q1 2024 from RMB 18.45 billion in Q1 2023[5] - Other customer revenue increased by 18.4% to RMB 21.64 billion in Q1 2024 from RMB 18.28 billion in Q1 2023[6] - Revenue from JD Group accounted for 30.6% of total revenue at RMB 12.88 billion in Q1 2024, while revenue from other sources accounted for 69.4% at RMB 29.25 billion[7] Profitability and Margins - Gross profit surged by 97.5% to RMB 3.23 billion in Q1 2024 from RMB 1.64 billion in Q1 2023[2] - Non-IFRS EBITDA grew by 77.9% to RMB 3.65 billion in Q1 2024 compared to RMB 2.05 billion in Q1 2023[2] - Gross profit and gross margin improved to RMB 3.2 billion and 7.7% in Q1 2024, compared to RMB 1.6 billion and 4.5% in Q1 2023, due to business optimization and economies of scale[9] - Non-IFRS EBITDA for Q1 2024 was RMB 3.650 billion, with a non-IFRS EBITDA margin of 8.7%, compared to RMB 2.051 billion and 5.6% in Q1 2023[15] Customer Metrics - The number of external integrated supply chain customers grew to 55,760 in Q1 2024 from 54,465 in Q1 2023[5] - Average revenue per integrated supply chain customer increased to RMB 136,636 in Q1 2024 from RMB 132,894 in Q1 2023[5] Operational Costs and Expenses - Operating costs increased by 10.9% from RMB 35.1 billion in Q1 2023 to RMB 38.9 billion in Q1 2024, driven by business growth[8] - Employee compensation and benefits for operational staff rose by 16.8% from RMB 12.6 billion in Q1 2023 to RMB 14.8 billion in Q1 2024, due to an increase in the number of operational employees[8] - Outsourcing costs increased by 8.2% from RMB 13.4 billion in Q1 2023 to RMB 14.5 billion in Q1 2024, driven by higher demand for outsourcing services[8] - Sales and marketing expenses increased by 23.6% from RMB 1.1 billion in Q1 2023 to RMB 1.4 billion in Q1 2024, driven by an increase in sales and marketing personnel[10] - R&D expenses decreased by 4.6% from RMB 903.8 million in Q1 2023 to RMB 862.5 million in Q1 2024, due to efficiency improvements and cost control measures[11] Net Profit and Non-IFRS Metrics - The company recorded a net profit of RMB 322.3 million in Q1 2024, compared to a net loss of RMB 1.0368 billion in Q1 2023[13] - Non-IFRS profit for Q1 2024 was RMB 662.651 million, compared to a non-IFRS loss of RMB 711.544 million in Q1 2023[14] Cash Resources and Free Cash Flow - The company's total cash resources amounted to RMB 42.5 billion as of March 31, 2024, with a free cash outflow of RMB 300 million in Q1 2024, compared to RMB 800 million in Q1 2023[16] Board of Directors - The Board of Directors includes Executive Director Mr. Hu Wei, Non-Executive Director Mr. Liu Qiangdong, and Independent Non-Executive Directors Ms. Gu Yi, Ms. Yu Yaying, Mr. Wang Liming, Dr. Zhao Xiande, and Mr. Zhang Yang[17] Logistics and Infrastructure - JD Logistics' warehouse network covered nearly all counties in China, with over 1,600 self-operated warehouses and 2,000 cloud warehouses, totaling over 32 million square meters of managed area[3] Human Resources Expenditure - Total human resources expenditure reached RMB 84.3 billion over the past 12 months as of March 31, 2024[3]

Financial Performance - Revenue for 2023 reached RMB 166,624.71 million, a 21.3% increase from RMB 137,402.01 million in 2022[5] - Gross profit for 2023 was RMB 12,683.16 million, up 25.6% from RMB 10,099.64 million in 2022[5] - Net profit for 2023 was RMB 1,167.20 million, compared to a net loss of RMB 1,090.29 million in 2022[5] - Non-IFRS profit for 2023 was RMB 2,760.84 million, a significant increase from RMB 866.03 million in 2022[5] - Revenue increased by 21.3% from RMB 137.4 billion in 2022 to RMB 166.6 billion in 2023[37] - Revenue from integrated supply chain customers grew by 5.2% from RMB 77.4 billion in 2022 to RMB 81.5 billion in 2023[37] - Revenue from other customers surged by 42.0% from RMB 60.0 billion in 2022 to RMB 85.2 billion in 2023[38] - The average revenue per integrated supply chain customer increased by 15.2% from RMB 365,015 in 2022 to RMB 420,363 in 2023[37] - The company's non-IFRS EBITDA increased from RMB 10.99 billion in 2022 to RMB 14.61 billion in 2023[35] - The company's non-IFRS profit rose from RMB 866 million in 2022 to RMB 2.76 billion in 2023[35] - Gross profit and gross margin improved to RMB 12.7 billion and 7.6% in 2023, up from RMB 10.1 billion and 7.4% in 2022, due to optimized business and customer structure and economies of scale[41] - Net profit for 2023 was RMB 1.2 billion, a significant turnaround from a net loss of RMB 1.1 billion in 2022[46] - Non-IFRS profit for 2023 was RMB 2.76 billion, with a non-IFRS profit margin of 1.7%, compared to RMB 866 million and 0.6% in 2022[48] - Other net income for 2023 was RMB 858.7 million, a reversal from a loss of RMB 571.7 million in 2022, driven by increased government subsidies and financial income[45] - The company's non-IFRS EBITDA for 2023 was RMB 14,605,753 thousand, with a profit margin of 8.8%[50] Assets and Liabilities - Total assets for 2023 increased to RMB 112,901.72 million from RMB 106,697.27 million in 2022[6] - Non-current assets for 2023 grew to RMB 56,243.30 million, up from RMB 49,093.11 million in 2022[6] - Current liabilities for 2023 rose to RMB 39,331.40 million from RMB 34,246.23 million in 2022[6] - Equity attributable to owners of the company for 2023 was RMB 48,157.92 million, up from RMB 46,580.70 million in 2022[6] - Total cash resources as of December 31, 2023, amounted to RMB 42.2 billion[51] - Net cash generated from operating activities in 2023 was RMB 16,352,016 thousand[52] - Free cash inflow for 2023 was RMB 2.8 billion, compared to RMB 1.3 billion in 2022[53] - Net cash used in investing activities in 2023 was RMB 15,099,215 thousand[55] - Net cash used in financing activities in 2023 was RMB 5,546,825 thousand[56] - The capital-to-debt ratio as of December 31, 2023, was approximately 20.7%[57] - The company's outstanding borrowings as of December 31, 2023, amounted to RMB 10 billion[90] - Restricted cash pledged as collateral amounted to RMB 194.0 million as of December 31, 2023[62] Logistics and Operations - JD Logistics' total revenue in 2023 reached RMB 166.6 billion, a year-on-year increase of 21.3%[7][10] - Revenue from external customers in 2023 was RMB 116.6 billion, accounting for 70.0% of total revenue, with a year-on-year growth of 30.8%[7][10] - External integrated supply chain customer revenue in 2023 was RMB 31.4 billion, a year-on-year increase of 7.7%[10] - The number of external integrated supply chain customers with annual revenue contribution of at least RMB 10 million reached 384, a year-on-year increase of 6.1%[10] - The average revenue per external integrated supply chain customer was RMB 45.9 million, a year-on-year increase of 8.8%[10] - JD Logistics operates over 1,600 warehouses and more than 19,000 delivery stations as of December 31, 2023[11] - The company employs nearly 350,000 self-operated delivery and operational personnel as of December 31, 2023[11] - JD Logistics has nearly 4,600 professional R&D personnel as of December 31, 2023[11] - The company continues to integrate its network with Deppon Logistics to enhance its comprehensive logistics network[11] - JD Logistics' warehouse automation solutions have been adopted by external clients in industries such as automotive parts, apparel, and pharmaceuticals[7] - Revenue from integrated supply chain customers reached RMB 81.5 billion in 2023, with external integrated supply chain customer revenue at RMB 31.4 billion, a year-on-year increase of 7.7%[12] - The number of external integrated supply chain customers served reached 74,714, with average revenue per customer increasing by 15.2% to RMB 420,000[12] - Revenue from external integrated supply chain customers contributing at least RMB 10 million annually increased to RMB 17.624 billion, accounting for 56.1% of total external integrated supply chain customer revenue[14] - Revenue from external integrated supply chain customers contributing less than RMB 10 million annually was RMB 13.783 billion, accounting for 43.9% of total external integrated supply chain customer revenue[15] - Revenue from other customers grew by 42.0% year-on-year to RMB 85.2 billion in 2023[18] - The company completed the transfer of assets from 83 JD Logistics freight forwarding centers to Deppon Logistics by the end of December 2023[19] - JD Logistics launched a "next morning delivery" service in December 2023, covering 9 cities including Beijing and Shanghai[19] - The company deepened its cooperation with a Chinese tech company in Europe, optimizing inventory allocation for faster delivery in core European countries and regions[17] - JD Logistics expanded its cooperation with Douyin and Kuaishou, providing high-quality logistics services during Kuaishou's Double 11 shopping festival[19] - The company provided exclusive nationwide home charging pile supply chain services for a renowned international new energy vehicle brand in the second half of 2023[16] - The company's warehousing network covers nearly all counties in China, with over 1,600 self-operated warehouses and 2,000 cloud warehouses, totaling over 32 million square meters[23] - The company operates 41 Asia No. 1 smart industrial parks in 30 cities, with the Kunshan Asia No. 1 facility handling over 4.5 million packages daily during the 618 promotion[23] - The company's self-owned transportation fleet exceeds 40,000 vehicles, with over 600 railway routes and more than 1,000 air cargo routes covered through partnerships[25] - The company operates 6 self-owned cargo aircraft, covering domestic and international routes, including 4 international cargo routes opened in 2023[25] - The company has nearly 350,000 self-owned delivery personnel and operates over 19,000 delivery stations and outlets, covering 300+ cities across 33 provinces[26] - The company manages over 200 large-item warehouses and sorting centers, with a total area exceeding 4 million square meters[27] - The company operates approximately 100 cold chain warehouses for fresh and frozen food, covering 500,000 square meters, and over 30 specialized warehouses for pharmaceuticals and medical devices, covering 300,000 square meters[29] - The company has deployed over 1,800 large-item delivery and installation stations under the "Jingdong Bang" brand to expand coverage in lower-tier cities[28] - The company's logistics technology includes high-density storage systems, automated guided vehicles, and intelligent delivery vehicles, enhancing automation across the supply chain[20] - The company operates nearly 90 bonded warehouses, direct mail warehouses, and overseas warehouses, with a total managed area of nearly 900,000 square meters[30] - The company deployed dozens of hydrogen-powered heavy-duty logistics trucks in 2023, becoming the first logistics enterprise to scale the use of hydrogen-powered trucks[32] Costs and Expenses - Operating costs increased by 20.9% from RMB 127.3 billion in 2022 to RMB 153.9 billion in 2023, driven by business growth and the full-year consolidation of Deppon Logistics[40] - Employee compensation and benefits for operational staff rose by 23.9% from RMB 44.6 billion in 2022 to RMB 55.3 billion in 2023, partly due to increased headcount and the full-year consolidation of Deppon Logistics[40] - Outsourcing costs increased by 16.9% from RMB 51.6 billion in 2022 to RMB 60.3 billion in 2023, driven by higher demand for outsourcing services and the full-year consolidation of Deppon Logistics[40] - R&D expenses grew by 14.4% from RMB 3.1 billion in 2022 to RMB 3.6 billion in 2023, reflecting continued investment in technology and innovation[43] - The company's total human resources expenditure (including own employees and external personnel) reached RMB 22.8 billion for the three months ended December 31, 2023, and RMB 82.1 billion for the full year[32] - Employee compensation and benefits expenses, including share-based payments, reached RMB 62.2 billion in 2023, a 22.3% increase from RMB 50.8 billion in 2022[60] Technology and Innovation - The company has obtained over 4,000 authorized patents and software, with more than 2,000 related to automation and unmanned technologies[21] - The company's logistics technology includes high-density storage systems, automated guided vehicles, and intelligent delivery vehicles, enhancing automation across the supply chain[20] - The company deployed dozens of hydrogen-powered heavy-duty logistics trucks in 2023, becoming the first logistics enterprise to scale the use of hydrogen-powered trucks[32] - R&D expenses grew by 14.4% from RMB 3.1 billion in 2022 to RMB 3.6 billion in 2023, reflecting continued investment in technology and innovation[43] Human Resources - The company employs nearly 350,000 self-operated delivery and operational personnel as of December 31, 2023[11] - JD Logistics has nearly 4,600 professional R&D personnel as of December 31, 2023[11] - Total number of employees as of December 31, 2023, is 457,015, with operations staff accounting for 95.4% (436,208 employees)[60] - Employee distribution by function: Sales and Marketing (10,011 employees, 2.2%), R&D (4,553 employees, 1.0%), General and Administrative (6,243 employees, 1.4%)[60] - The company implements pre-IPO and post-IPO employee equity incentive plans, share option plans, and share award plans[60] - Employee compensation and benefits expenses, including share-based payments, reached RMB 62.2 billion in 2023, a 22.3% increase from RMB 50.8 billion in 2022[60] - The company participates in mandatory social security programs in China, including pension, medical, unemployment, maternity, work injury insurance, and housing provident fund[60] Corporate Governance and Leadership - Hu Wei, aged 41, was appointed as Executive Director and CEO on June 26, 2023[63] - Liu Qiangdong, aged 51, serves as Chairman and Non-Executive Director, having been re-appointed on October 15, 2020[63] - Wu Hao, aged 37, was appointed as the Chief Financial Officer on May 11, 2023, overseeing the company's finance and investments[70] - Wu Hao joined JD Group in May 2014, holding positions such as Group Internal Control Director, Risk Control Director, and Head of the Audit Department[70] - Wu Hao holds a Bachelor's degree in Management from China University of Geosciences and an MBA from Peking University's Guanghua School of Management[70] - Zhao Mingjing serves as the Company Secretary and has over 10 years of experience in the company secretarial industry[71] - Zhao Mingjing holds a Bachelor of Arts degree from the University of Toronto and a Master of Arts in Professional Accounting and Information Systems from City University of Hong Kong[71] - Zhao Mingjing is a Fellow and Senior Member of the Chartered Governance Institute and the Hong Kong Chartered Governance Institute[71] - The Board consists of executive directors, non-executive directors, and independent non-executive directors, with Liu Qiangdong serving as Chairman[196] - Hu Wei was appointed as an executive director effective June 26, 2023, while Yu Rui resigned as an executive director on the same date[197] - The Chairman, Liu Qiangdong, is responsible for the effective operation and leadership of the Board, while the CEO oversees business development and daily operations[198] - The Board has complied with the Listing Rules by appointing at least three independent non-executive directors, constituting one-third of the Board[199] - Non-executive directors and independent non-executive directors have initial terms of three years, subject to retirement and re-election[200] - All directors confirmed strict compliance with the insider trading policy during the reporting period[195] - The company has adopted and complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules[194] Shareholding and Equity - Liu Qiangdong holds approximately 64.94% of the company's shares through beneficial ownership and controlled entities[101] - Liu Qiangdong holds 340,405,330 shares of JD.com, representing 10.8% beneficial ownership and 69.9% of total voting rights[105] - Liu Qiangdong has a 68.51% beneficial ownership in JD Health through controlled entities, holding 2,184,655,829 shares[108] - Liu Qiangdong fully controls China Logistics Assets with 3,474,283,058 shares, representing 100% ownership[108] - JD.com has issued a total of 3,144,236,167 shares of common stock as of December 31, 2023[104] - Fortune Rising Holdings Limited holds 17,581,344 B-class shares of JD.com, managed under the company's equity incentive plan[106] - Hu Wei holds 48,360 shares of JD.com, representing 0.00% beneficial ownership[108] - Zhao Xiande holds 661 shares of JD.com, representing 0.00% beneficial ownership[108] - JD Jiankang Limited, a wholly-owned subsidiary of JD.com, holds 2,149,253,732 shares of JD Health[109] - JD Property Development holds 74.96% of China Logistics Assets as of December 31, 2023[109] - Jingdong Technology Group Corporation holds 4,192,271,100 shares, representing 63.44% of the total issued shares[111] - TCT (BVI) Limited and 匯聚信託有限公司 each hold 508,143,522 shares, representing 7.69% of the total issued shares[111] - 50,870,208 new shares were issued or may be issued under the post-IPO share option plan and post-IPO share award plan, representing approximately 0.77% of the weighted average number of issued shares[114] - The maximum number of new shares that may be issued under the pre-IPO employee equity incentive plan is 598,847,916 shares[117] - As of the reporting date, 127,111,887 unexercised share options were granted under the pre-IPO employee equity incentive plan, representing approximately 1.92% of the issued share capital[117] - Total equity incentives granted to directors and other grantees amounted to 161,490,066 shares[122] - The maximum number of shares available for issuance under the post-IPO share option plan is 609,160,767, representing 9.20% of the issued share capital[126] - The post-IPO share option plan has a remaining term of over 7 years, effective until May 28, 2031[128] - The exercise price for the post-IPO share option plan cannot be lower than the higher of the closing price on the grant date or the average closing price of the five trading days preceding the grant date[130] - The total equity incentives granted to the five highest-paid individuals during the reporting period amounted to 6,828,667 shares[122] - The maximum number of reward shares that can be granted under the post-IPO share reward plan is 609,160,767 shares, limited to 3% of the total issued shares during the relevant period[136] - As of December 31, 2023, 519,696,156 reward shares are available for grant under the post-IPO share reward plan[137] - The total number of new shares that can be issued under the post-IPO share reward plan is capped at 609,160,767 shares, representing 10% of the post-listing issued share capital[138] - As of December 31, 2023, 280,860,767 new shares are available for issuance under the post-IPO share reward plan, representing approximately 4.24% of the issued share capital[138] - During the reporting period, 55,937,435 reward shares were granted to eligible participants under the post-IPO share reward plan[137] - The post-IPO share reward plan will remain effective for a 10-year period from the listing date until May 28, 2031, with approximately 7 years remaining[141] - The fair value of the reward shares granted during the reporting period was determined based on the market value of the shares on

Core Viewpoint - CICC maintains a "outperform" rating for JD Logistics (02618), adjusting the non-IFRS net profit forecast for this year upwards by 25% to RMB 3.574 billion, while lowering next year's forecast by 5% to RMB 4.324 billion, with a target price of HKD 11 [1] Group 1 - JD Logistics is expected to achieve first-quarter revenue of RMB 40 billion, a year-on-year increase of 9%, primarily benefiting from the growth in order volume from JD Retail platform [1] - The company is projected to report an adjusted net profit of RMB 80 million for the first quarter, marking its first positive quarterly result since disclosing quarterly data, with an adjusted net profit margin estimated at 0.2% [1] - CICC believes that revenue from JD Group and third-party merchants will continue to grow, with the first-quarter order volume growth rate for JD Logistics expected to maintain the year-on-year improvement seen in the previous quarter, forecasting a mid-to-high single-digit growth for the full year [1]