CICC International: Maintains "Buy" rating on JD Logistics (02618.HK) with a target price of HK$18.50.

According to the Zhixun Financial APP, CICC released a research report stating that it is expected that Jingdong Logistics (02618.HK) will maintain rapid growth in full-year revenue in 2025, with net profit adjusted to maintain a mid single-digit growth expectation. It is expected that in 2026, with the addition of food delivery and Dada, revenue will maintain a rapid growth trend, and profit margins are expected to be improved through scale enhancement and increased synergies, while steadily advancing overseas expansion to enhance long-term competitiveness. The bank has slightly adjusted revenue and profit forecasts, maintaining a target price of HK$18.50 and a buy rating. At the same time, the bank expects steady growth in both domestic and international businesses in 2026, with overseas expansion steadily advancing and profits expected to achieve stable growth.