BOCOM International projects JD Logistics (02618.HK) will report second-quarter earnings in line with expectations, sustaining double-digit revenue expansion alongside mid-single-digit profit growth. The logistics arm will provide full-time rider management and delivery services for JD Group's food delivery operations at cost price, exerting limited near-term profit impact while pursuing long-term synergies. The research house slightly adjusted forecasts while maintaining its HK$18.5 target price and "Buy" rating.

For Q2, BOCOM International forecasts JD Logistics' total revenue will climb 11.6% year-on-year to RMB49.33 billion, marginally exceeding previous projections. Both internal and external revenue streams are expected to maintain double-digit growth momentum. Adjusted net profit is anticipated to rise 4.5% annually to RMB2.57 billion, largely aligning with estimates. Full-year 2025 projections were moderately revised, with revenue and adjusted net profit expected to increase 10.7% and 4.9% year-on-year respectively.

The announcement follows JD Logistics' June 24 disclosure that it will oversee JD Group's full-time food delivery riders, aiming to enhance operational efficiency and achieve synergistic benefits over the long term.