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<Research>JPM: JD LOGISTICS (02618.HK) 1Q Guidance on Margin inflection; Rating Overweight Kept
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JPMorgan's report said that JD LOGISTICS (02618.HK) showed a notable shift in priorities for the company and industry in its 4Q25/ FY25 results. As China's logistics industry increasingly emphasizes profitability and disciplined capital allocation, this trend is becoming more evident among leading companies. ZTO EXPRESS-W (02057.HK) recently reaffirmed its margin-oriented strategy, while SF HOLDING (06936.HK) and J&T EXPRESS-W (01519.HK) announced strategic cooperation, further highlighting the industry's comprehensive shift towards operational efficiency and sustainable returns. The broker also noted that JD Logistics' stock price leaped by approximately 20% after the results, ending the trend of stock price declines following earnings announcements for five consecutive quarters since 3Q24. Since achieving peak NPM in 2Q/3Q24, management has for the first time guided a margin inflection, with overseas expansion entering a new scale phase, and margin improvement becoming a core theme. The broker considered this a structural turning point. The company's renewed focus on sustainable profitability and industry leadership is expected to catalyze a re-rating of Chinese logistics stocks overall. JP Morgan maintained an Overweight rating and a target price of HKD15 for the stock. AASTOCKS Financial News Website: www.aastocks.com |
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