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]
中金：维持京东物流(02618)“跑赢行业”评级 目标价11港元