交银上调集团2024年利润预测。该行微调收入预测，预计2024年收入同比增8%，上调2024年调整后净利润16%，对应利润率为2.8%（此前为2.4%，高于公司2.5%利润率指引上限），公司将继续推进网络结构优化，技术能力提升，实现盈利水平的稳步提升，目标在合理利润率水平下寻求更高收入增长。公司现价对应2024年市盈率10倍，低于行业平均。Bocom Intl released a research report, upgrading JD logistics (02618) rating to 'buy' with a target price of HKD 11.3. The company's 2nd quarter profit was significantly better than expected, and gross margin improvement significantly drove quarterly historical profit margins to new highs, reflecting the company's increased fine-tuned operation capabilities. The bank believes that changes in consumer structure have already been reflected in current expectations and the company's current valuation is lower than the industry average.
Bocom International's main points are as follows:
Q2 2024 revenue in line with expectations, profit significantly better than expected. Revenue increased 8% year-on-year to RMB 44.2 billion, with internal revenue/external integration/other external revenue increasing 7%/0%/11% year-on-year respectively. Adjusted net profit was RMB 2.46 billion, nearly twice the year-on-year growth, corresponding to a net profit margin of 5.6%, the highest quarterly level since listing, compared to the bank's expectation of net profit/net profit margin of RMB 1.2 billion/2.7%. Gross profit margin increased by 3.6 percentage points year-on-year, mainly due to the decrease in outsourcing cost ratio. The company achieved significant improvement in profitability through fine-tuned management, optimized transportation algorithm scheduling capabilities (such as reducing transit times), automation equipment investment, and structural adjustments.
Bocom raised its profit forecast for the Group in 2024. The bank adjusted its revenue forecast, expecting an 8% year-on-year increase in revenue for 2024 and a 16% increase in adjusted net profit for 2024, corresponding to a profit margin of 2.8% (previously 2.4%, higher than the company's 2.5% profit margin guidance upper limit). The company will continue to promote network structure optimization, improve technical capabilities, and steadily increase profitability levels while seeking higher revenue growth at reasonable profit levels. The company's current price corresponds to a 10 times price-to-earnings ratio in 2024, lower than the industry average.