金吾财讯 | 交银国际研报指，京东物流(02618)3季度总收入同比增24%，较该机构预期高3%。调整后净利润20亿元（人民币，下同），同比降21%，基本符合该机构的预期。其中，内部收入同比增66%，剔除承接京东全职骑手外卖业务之外的影响后，内单收入增长延续上半年稳健增长的趋势。外部一体化收入同比增13%，客户数及单客收入平稳提升。其他外部收入同比增5%，较上半年有所降速，主要受德邦影响。毛利润率9.1%，同比降2.6个百分点，主要因持续在人员和自有车辆线路等方面的投入。该机构预计2025全年收入保持快速增长，调整后净利润维持中个位数增长预期。预计2026年在外卖、达达并表加持下，收入维持快速增长态势，利润率有望通过规模提升及协同效应的加大呈现提升趋势，并稳步推进海外布局，提升长期竞争力。该机构微调收入及利润预测，维持目标价18.50港元及买入评级。
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