CICC (China International Capital Corporation): Maintains a "Buy" rating on JD Logistics (02618.HK) with a target price of HK$18.5.

According to the Wise Finance APP, JP Morgan International has released a research report stating that JD Logistics (02618.HK) has seen double-digit growth in all business lines in the first quarter, with quarterly performance meeting expectations, especially with single-customer revenue from supply chain services stabilizing and rebounding. Meanwhile, the express delivery business maintains rapid growth in parcel volume, partly offset by industry price declines. Looking forward to 2025, the bank expects JD Logistics to maintain its growth momentum for the full year, with total revenue continuing to grow at a double-digit rate and adjusted net profit increasing at a mid-single-digit rate. The bank believes that the Group's front-loading of resources in the first half of the year is expected to provide growth momentum for the second half of the year. The bank has made minor adjustments to its forecasts and maintains a target price of HK$18.5 and a "buy" investment rating.