金吾财讯 | 交银国际研报指，京东物流(02618)收入同比增11%至470亿元（人民币，下同），基本符合该行/彭博市场预期。毛利率同比下降0.5个百分点至7.2%，主要由于随着业务量增长及资源投入前置，运营人员投入及外包服务需求等增加带动营业成本提升。调整后净利润7.5亿元，同比增13%，对应净利率1.6%，同比持平，对比该行预期的净利润/净利率7.2亿元/1.5%。该行指，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。
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