京东物流(2618.HK):1季度业绩符合预期 供应链服务大客户单客收入企稳

交银国际
May 14, 2025

外部一体化收入客户通过提供“一盘货”解决方案以及差异化服务,在1 季度恢复双位数增长,大客户单客收入及钱包份额企稳回升。快递业务通过拓展业务场景、优化散单产品功能, 保持单量快速增长,部分被行业价格下降所抵消, 预计2025 年增长趋势延续,总收入保持双位数增长,调整后净利润呈中个位数增长,上半年资源前置投入有望为下半年增长提供动能。微调预测,维持目标价18.50 港元及买入评级。2025 年1 ...

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