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Sinolink Securities: Transportation sector policy expectations are positive, suggesting layout in aviation and logistics as the main themes for 2025.
Currently, the transportation sector has shown good fundamentals, recommended two investment mainlines for the transportation sector under the boost of domestic demand confidence in policies.
[Brokerage Focus] Haitong Int'l raises jd.com logistics (02618) target price by 16% to 24Q3, continuous cost reduction exceeds expectations.
Jingwu Financial News | Haitong Int'l released a research report indicating that jd.com (02618) recorded revenue of 44.4 billion yuan for Q3 2024, +6.6%. The Non-IFRS net income was 2.6 billion yuan, +205.1%, with a Non-IFRS net margin of 5.8%, an increase of 3.8 percentage points compared to the net margin of 2.0% in 2023. The company's cost of goods sold for Q3 2024 was 39.2 billion yuan, +2.2%. In Q3 2024, the company's gross margin was 11.7%, an increase of 7.9 percentage points compared to the gross margin in Q3 2023, with the reasons for the increase in gross margin being: 1) Optimization of product and network structure; 2)
【Brokerage Focus】Industrial Securities maintains a "shareholding" rating for jd.com Logistics (02618), anticipating that access to the Taotian platform is likely to bring revenue growth.
Jinwu Financial News | Industrial Securities released a research report indicating that jd.com logistics (02618) has revenue of 44.4 billion yuan in Q3 2024, a year-on-year increase of 6.6%. Breaking down the revenue, integrated supply chain customers/other customers have revenues of 20.7/23.7 billion yuan respectively, which are year-on-year increases of 5.4%/7.6%. Within the integrated supply chain customer revenue, internal revenue growth outpaces external, with internal integrated supply chain revenue from the jd.com group at 12.79 billion yuan, a year-on-year increase of 8.1%; external integrated supply chain customer revenue is 7.87 billion yuan, the number of customers has increased year-on-year but APRU remains the same.
【Brokerage Focus】jpmorgan indicates that the trend of reverse logistics is becoming increasingly important, and the competitive landscape in the logistics field is being reshaped.
JPMorgan released a research report, stating that during the november 11 shopping festival-related period, China's express parcel volume reached a record high, with a year-on-year growth of 25%, while pricing trends remained stable. The e-commerce market is entering a new phase, with competition expected to be more moderate by 2025. Traditional platforms like Taobao / Tmall and jd.com maintain stable market positions, while pdd holdings continues to grow by offering high-cost-effective commodities. The report further points out that data for October shows that e-commerce growth benefited from stimulus policies and an early start to november 11 shopping festival, with online retail sales increasing by 10% year-on-year and home appliance sales increasing by 39%. Industry data shows parcel volumes, physical commodities.
Bocom Intl: Maintains a "buy" rating on jd.com's logistics, with the target price raised to 18 Hong Kong dollars.
Bocom Intl released a research report stating that it has raised jd.com logistics (02618) target price by 10.4%, from HK$16.3 to HK$18, maintaining a 'buy' rating. The bank stated that jd.com logistics' Q3 2024 revenue met expectations, with profits significantly exceeding expectations. Revenue increased by 7% year-on-year, with internal revenue/external integration/other external revenue increasing by 8%/1%/8% respectively. Adjusted net margin is 5.8%, the highest quarterly level since listing. The bank expects jd.com logistics' profit margin to enter a relatively stable phase. Maintaining full-year revenue growth for 2024, adjusting adjusted net income up by 30% to 79.
jd.com logistics rose more than 6% in early trading, bocom intl maintains a 'buy' rating.
JD Logistics (02618) rose 5.79% in the morning session, currently reported at 14.98 Hong Kong dollars, with a transaction volume of 0.117 billion Hong Kong dollars.
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