Caitong: Maintain "Buy" rating for JD LOGISTICS (02618) as overseas business grows rapidly.

Caitong released a research report stating that JD LOGISTICS (02618), as a leading player in the domestic supply chain, has shown steady growth in domestic revenues. The overseas business is developing a second growth curve, with technology empowerment helping to reduce costs and improve efficiency. The firm expects the company to achieve operating revenues of 263.553 billion, 289.870 billion, and 315.923 billion yuan from 2026 to 2028, and net profits attributable to the parent company of 8.552 billion, 9.922 billion, and 10.892 billion yuan, maintaining a "Buy" rating. Caitong's main points are as follows: Event On August 13, 2026, JD LOGISTICS announced its mid-year performance for 2026: in H1 2026, the company achieved operating revenues of 124.68 billion yuan, a year-on-year increase of 26.5%. It completed an adjusted operating profit of 3.60 billion yuan, up 39.9% year-on-year, and an adjusted net profit of 3.70 billion yuan, a year-on-year increase of 10.7%. In Q2 2026, the companys operating revenues reached 64.10 billion yuan, a year-on-year increase of 24.3%, with an adjusted operating profit of 2.43 billion yuan, a year-on-year increase of 11.6%, and an adjusted net profit of 2.64 billion yuan, up 2.2% year-on-year. Stable internal business growth, high growth in external revenue Breaking down revenues for H1 2026, the internal operating revenue from JD Group reached 39.27 billion yuan, a year-on-year increase of 21.0%, accounting for 31.5% of total operating revenue; external operating revenue was 85.41 billion yuan, a year-on-year increase of 29.3%, accounting for 68.5%, showing a year-on-year increase of 1.4 percentage points. In Q2 2026, internal operating revenue from JD Group was 19.88 billion yuan, a year-on-year increase of 11.9%, accounting for 31.0% of total operating revenue. In Q2 2026, the companys own courier brand JoyExpress continued to expand its coverage in new countries and strengthen its existing networks, leading to continued rapid growth in overseas business; external operating revenue reached 44.23 billion yuan, a year-on-year increase of 30.8%, accounting for 69.0%, a year-on-year increase of 3.4 percentage points. Continuous expansion of integrated supply chain, tech empowerment enhances profitability The company continues to expand the business boundaries and service depth of the integrated supply chain, providing customers with omnichannel "one inventory" supply chain solutions, as well as differentiated high-standard services such as "delivery and installation as one" and "reverse restoration." By actively expanding its customer base and application scenarios, coupled with the rapid development of instant delivery and overseas business, the company is expected to achieve rapid revenue growth. On the profitability front, the company will continue to optimize costs and improve operational efficiency through technology empowerment and automation upgrades, leading to an ongoing improvement in profitability. Risk warnings Industry prosperity lower than expected; cost control below expectations; overseas business below expectations.