Caitong Securities: Maintaining the rapid growth of overseas business with the “buy” rating of JD Logistics (02618)

The Zhitong Finance App learned that CaiTong Securities released a research report saying that as the domestic supply chain leader, JD Logistics (02618) is growing steadily in domestic revenue, creating a second growth curve for overseas business, and technological empowerment to help reduce costs and improve efficiency. The bank expects the company to achieve operating income of 2635.53/2898.70/315.923 billion yuan and net profit to mother of 85.52/99.22/10.892 billion yuan in 2026-2028, maintaining a “buy” rating.

The main views of Caitong Securities are as follows:

incident

On August 13, 2026, JD Logistics announced its 2026 semi-annual results: 2026H1 achieved operating income of 124.68 billion yuan, +26.5% year over year, completed adjusted operating profit of 3.6 billion yuan, +39.9% year on year, and completed adjusted net profit of 3.7 billion yuan, +10.7% year on year. Among them, 2026Q2 achieved operating income of 64.10 billion yuan, +24.3% year-on-year, completed adjusted operating profit of 2.43 billion yuan, +11.6% year-on-year, and completed adjusted net profit of 2.64 billion yuan, or +2.2% year-on-year.

Steady growth in internal business and high growth in external revenue

Looking at 2026H1 split revenue, internal revenue from JD Group reached 39.27 billion yuan, +21.0% year-on-year, accounting for 31.5% of revenue; external revenue reached 85.41 billion yuan, +29.3% year-on-year, accounting for 68.5% of revenue, +1.4pct year on year. Looking at 2026Q2 split revenue, internal revenue from JD Group reached 19.88 billion yuan, +11.9% year-on-year, accounting for 31.0% of revenue. 2026Q2's own express delivery brand JoyExpress continued to add new country coverage and encrypt existing national networks, and overseas business continued to grow rapidly; external revenue reached 44.23 billion yuan, +30.8% year-on-year, accounting for 69.0% of revenue, +3.4 pct year on year.

The integrated supply chain continues to expand, and technology-enabled profitability continues to increase

The company continues to expand the business boundaries and service depth of the integrated supply chain, providing customers with omni-channel “one shipment” supply chain solutions, as well as differentiated high standard services such as “integrated delivery” and “reverse recovery”. By actively expanding customer groups and business application scenarios, combining instant delivery and rapid development of overseas business, the company's revenue is expected to grow rapidly. On the profit side, the company will continue to optimize costs and improve operational efficiency through technological iteration methods such as technological empowerment and automation upgrades, and profitability is expected to continue to improve.

Risk Alerts

Industry sentiment falls short of expectations; cost control falls short of expectations; overseas business falls short of expectations