Jinwu Financial News | According to Societe Generale Securities Research Report, JD Logistics (02618) earned 47.2 billion yuan in 2023Q4, an increase of 9.7% over the previous year. Adjusted net profit was RMB 1,804 billion, up 79.6% year on year. The adjusted net interest rate recorded 3.8%, up 1.5 percentage points year on year and 1.8 percentage points month on month.
The bank expects the company to maintain a high single-digit revenue growth rate in 2024 as the number of external customers continues to penetrate, and customer unit prices continue to rise. The adjusted net interest rate is expected to improve to the 1.7% - 2.0% year-on-year range. The bank expects the company's revenue to reach 181.4 billion yuan, 195.9 billion yuan, and 20.2 billion yuan respectively in 2024-2026, with growth rates of 8.9%, 8.0%, and 7.3%, respectively. Adjusted net profit reached $3.52 billion, $3,987 billion, and $5.03 billion respectively, with adjusted net profit margins of 1.8%, 2.0%, and 2.4%, respectively. Maintain an “Overweight” rating.