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Highlights from the brokerage morning meeting: Large models are driving the middle platform into a new phase, and the Technology Hardware Industry Chain is expected to benefit.
In today's Brokerage morning meeting, Soochow believes that the commercialization of non-invasive brain-machine interface products is expected to accelerate; HTSC stated that the growth rate of parcel volume in the express delivery industry this year may exceed expectations; China International Capital Corporation pointed out that large models are driving the middle platform into a new stage, and the Hardware Industry Chain is expected to benefit.
China's Courier Sector Logs 59% Rise in Handled Parcels in February
Morgan Stanley: Maintains JD.com's logistics rating as "in line with the market" and raises the Target Price to HKD 12.50.
Morgan Stanley released a research report stating that it maintains JD.com Logistics (02618) at a "market perform" rating, with the target price raised by 8% to HKD 12.5. The firm broadly maintains its adjusted EBITDA forecasts for the company for the next two years, believing that JD.com Logistics' valuation momentum will be driven by profit margins in the coming years, and the company's focus on technological innovation may provide upside potential. The firm predicts that JD.com Logistics' net income will increase by 7% year-on-year to RMB 8.5 billion this year. Excluding minority interests, the non-IFRS net income is expected to rise by 13% year-on-year to RMB 7.8 billion, mainly benefitting from the acquisition of minority interests in Cross-Border Logistics and organic profit growth.
[Brokerage Focus] Guolian Minsheng Securities maintains a "Buy" rating on JD.com Logistics (02618), stating that its profitability is expected to continue improving.
Golden Finance News | Guolian Minsheng Securities pointed out that in 2024, JD.com Logistics (02618) achieved revenue of 182.84 billion yuan, +9.7% year-on-year; achieved net income attributable to the parent company of 6.2 billion yuan, +905.8% year-on-year; achieved adjusted net income (not in accordance with international accounting standards) of 7.92 billion yuan, +186.8% year-on-year, with a net margin of 4.3%, +2.7 percentage points year-on-year. Among them, in Q4 2024, the company achieved revenue of 52.01 billion yuan, +10.4% year-on-year; achieved net income attributable to the parent company of 1.73 billion yuan, +66.4% year-on-year. The bank stated that in 202
[Brokerage Focus] Morgan Stanley maintains a "Market Perform" rating on JD.com Logistics (02618) and expects it still has opportunities to expand its margin profits.
Golden Owl News | Morgan Stanley released a research report stating that JD.com's Logistics (02618) is expected to perform better than the conservative forecasts from sell-side analysts in the fourth quarter of 2024, but the speed of profit expansion has slowed down. At the same time, the group's management is relatively cautious about the performance guidance for 2025. Nevertheless, Morgan Stanley believes that JD.com Logistics still has opportunities to expand marginal profits. The bank emphasized that the profit margin dynamics of JD.com Logistics from 2025 to 2026 will have a key impact on its valuation. Although the previous capital investment puts some pressure on the company in the short term, in the long run, as technological achievements gradually come to fruition, it is expected to transform.
Nomura Adjusts JD Logistics' Price Target to HK$15.30 From HK$15.70, Keeps at Buy
CoolWaterCoolWater : this one - is a pcs of shit. had being down from IPO till today.