智通财经APP获悉，交银国际发布研报称，预计京东物流(02618)2025年一季度业绩符合预期，持续人力及资源投入下，收入实现低双位数增长，净利润率同比持平，净利润同比实现高个位数增长，好于全年中个位数增长指引。该行维持全年收入同比增长10.5%以及利润同比增长5.3%的预期。公司现价对应2025年8.2倍市盈率，处于历史底部，业绩仍有稳定增长潜力，维持目标价18.5港元及“买入”评级。
该行认为，海外关税对公司影响偏中性，公司海外业务分散，受单一国家影响较小，且业务以为商家提供海外仓库管理、整体物流优化为主，受跨境小包政策影响较小。该行预计2025年一季度收入同比增11%至468.2亿元人民币，与机构一致预期的464.2亿元人民币一致，预计调整后净利润为7.2亿元人民币，同比增8%，对应净利润率同比持平。
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