摩根大通:京东物流-3Q24 预览,仍有充足的增长空间(和股价上涨空间);假设覆盖率处于 OW
JD LOGISTICS(JDLGY) 摩根大通·2024-10-28 00:25
JD Logistics (JDL) has surged c52% YTD, outperforming the index (HSCI +18%), all other Chinese logistics companies and even JD.com (+38%). We assume coverage of JDL with an OW rating and Dec-2025 PT of HK$20 (no changes), as we see additional upside potential despite the YTD rally. JDL has showcased fundamental improvements and margin expansion since its IPO (in May 2021), helped by business model recalibration and operating leverage gains (due to its asset heavy model), despite fierce competition across e- ...