slotdeposit50bonus50| BOCOM International: Raises Jingdong Logistics target price to HK$10.1 to maintain a "neutral" rating

BOCOM International raises target price for Jingdong Logisticsslotdeposit50bonus50, by 9slotdeposit50bonus50HK$..5 was raised to HK$10.1, based on a forecast P/E ratio of 15 times, which is the industry average valuation and maintains a "neutral" investment rating. The bank pointed out that Jingdong Logistics's revenue in the first quarter rose 15% year-on-year to 42.1 billion yuan, which was 4% higher than the bank and market expectations. External income accounted for 69%, which was basically flat quarter-on-quarter, and internal orders grew by 15%, higher than the bank's expectation of 8%. Customer structure adjustments and scale effects drove gross profit margins up 3 percentage points year-on-year to 7.7%. Adjusted net profit and profit margin were 660 million yuan and 1.6%.

The bank pointed out that the company achieved profit in the first quarter for the first time since its listing. Thanks to the continuous optimization of its business structure and improved operational efficiency, the profit significantly exceeded the bank's forecast of 69 million yuan.

The bank fine-tuned its revenue forecast and raised its adjusted net profit for this year by 8%, with an estimated adjusted net profit margin of 2.2%. The bank believes that the company's net profit margin is expected to be better than the guidance ceiling through refined operations and scale effects.