JPMorgan has released a research report highlighting that J&T EXPRESS-W (01519) delivered a strong first-half performance, standing out as the only Chinese logistics stock under its coverage to both beat expectations and raise guidance. The company's revenue surged 39.5% year-on-year to US$7.67 billion, with adjusted net profit skyrocketing 124% to US$351 million.

Gross margin expanded by 3.4 percentage points to 13.2%, while operating cash flow grew 50.9% year-on-year to US$636 million, which will support ongoing investments in automation and share buybacks. JPMorgan has reaffirmed its "Overweight" rating on the stock, lifting the target price from HK$13 to HK$14, corresponding to approximately 14 times the forecasted non-IFRS price-to-earnings ratio for 2027.