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02618
JD LOGISTICS
HKD
11.270-0.240
(-2.09%)
1D
High
11.480
Open
11.460
VWAP
11.35
Vol
10.49M
Mkt Cap
82.12B
Low
11.270
Amount
119.08M
EV/EBITDA(TTM)
3.17
Total Shares
6.66B
EV
8.93B
EV/OCF(TTM)
--
P/S(TTM)
0.33
JD Logistics Inc is an investment holding company principally engaged in the provision of supply chain solutions and logistics services. The Company’s technology-driven products and solutions cover key supply chain logistics processes across logistics parks, warehousing, sortation, transportation and delivery. The Company’s logistics infrastructure and networks include warehouse network, line-haul transportation network, last-mile delivery network, bulky item logistics network, cold chain logistics network and cross border logistics network. The Company provide industry-specific integrated supply chain solutions and service products to customers in fast-moving consumer goods (FMCG), home appliances and home furniture, computer, communication and consumer electronics (3C), apparel, automotive, and fresh produce and other industries.
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News
5.0
01-15aastocksJD Logistics Launches Warehouse in Weifang with Over 20,000 Daily Outbound Orders
New Warehouse Opening: JD LOGISTICS has opened a new logistics warehouse in Changle County, Weifang, Shandong Province, covering over 14,000 square meters.
Operational Capacity: The warehouse can store nearly 100,000 SKU products and is capable of processing more than 20,000 outbound orders daily.
4.5
01-15aastocksHSI Declines by 27 Points; TRIP.COM-S Drops 15%; Logistics Stocks Perform Well
US Market Performance: US bank stocks were weak, with the DJIA dropping 42 points, while Hong Kong's stock market also opened lower, reflecting a slight decline across major indices.
Alibaba's AI Launch: Alibaba's Qianwen platform is set to introduce an "AI life assistant" that simplifies ordering takeout and finding restaurants through single-sentence commands.
TRIP.COM Investigation: TRIP.COM is under investigation for suspected monopolistic practices, leading to a significant drop in its stock price, with its ADR falling 17% overnight.
Strategic Partnerships in Logistics: J&T Express and SF Holding have entered a strategic cross-shareholding agreement worth HK$8.3 billion, resulting in positive stock performance for both companies.
6.5
01-06aastocksBofAS Lowers JD LOGISTICS Target Price to HKD15, Anticipates 4% Decline in Non-IFRS Net Profit Last Year
Profit Forecast: BofA Securities predicts JD LOGISTICS' 4Q25 non-IFRS net profit to grow by 1% YoY to RMB2.254 billion, but expects a 4% YoY decline for the entire year of 2025, falling short of previous growth guidance.
Market Challenges: The report cites profit margin pressure in 4Q25 due to increased competition in the less-than-truckload transportation market and one-time losses.
Target Price Adjustment: BofA Securities has lowered its target price for JD LOGISTICS from HKD16 to HKD15 while maintaining a Buy rating, highlighting the company's attractive valuation.
Short Selling Data: As of January 6, 2026, JD LOGISTICS has reported short selling of $11.68 million with a ratio of 23.423%.
4.0
01-06aastocksDaiwa Reduces JD LOGISTICS (02618.HK) Target Price to $17 and Adjusts Earnings Projections Downward
Company Performance: JD Logistics reported strong growth in 4FQ25, but faced challenges including non-recurring cargo compensation losses and restructuring due to market competition.
Analyst Adjustments: Daiwa lowered its FY2025-2027 EPS forecasts by 5-7% and reduced the target price from $19 to $17, while maintaining a Buy rating.
6.0
01-06aastocksM Stanley Reduces JD LOGISTICS Target Price to HKD12.8 Amidst Revised Earnings Projections
Earnings Forecast Reduction: Morgan Stanley has lowered its earnings forecasts for JD LOGISTICS for 2025-27 by 7%, 7%, and 5% due to ongoing losses from its subsidiary Deppon Logistics and other financial challenges.
Target Price Adjustment: The target price for JD LOGISTICS has been slightly decreased from HKD 13 to HKD 12.8, maintaining an Equalweight rating amidst these changes.
Money Flow
Over the past 66 trading days, overall net money flow is 49.80M, with retail investors contributing -87.07K and major investors adding 38.69M.
Net Buy $ Volume
Net Sell $ Volume
BofA Securities
BofA Securities
Buy
downgrade
$16 -> $15
2026-01-06
Reason
BofA Securities has reiterated a Buy rating for JD LOGISTICS despite reducing its target price from HKD16 to HKD15. The reason for maintaining the Buy rating is the company's attractive valuation, even though the report predicts a 1% year-over-year growth in non-IFRS net profit for 4Q25, which indicates a 4% decline for the entire year of 2025, falling below the company's previous guidance. The profit margin pressure is attributed to intensified competition in the less-than-truckload transportation market and one-time losses.
BofA Securities
Buy
Price Target
$16 -> $15
2026-01-06
downgrade
BofA Securities has reiterated a Buy rating for JD LOGISTICS despite reducing its target price from HKD16 to HKD15. The reason for maintaining the Buy rating is the company's attractive valuation, even though the report predicts a 1% year-over-year growth in non-IFRS net profit for 4Q25, which indicates a 4% decline for the entire year of 2025, falling below the company's previous guidance. The profit margin pressure is attributed to intensified competition in the less-than-truckload transportation market and one-time losses.
Daiwa
Daiwa
Buy
downgrade
$19 -> $17
2026-01-06
Reason
The analyst rating for JD Logistics (02618.HK) was reiterated at "Buy" despite the lowered target price from $19 to $17. This decision was influenced by the company's strong growth in the fourth fiscal quarter of 2025, although it faced challenges such as non-recurring cargo compensation losses and business restructuring due to intense market competition. Consequently, the broker firm, Daiwa, adjusted its FY2025-2027 EPS forecasts down by 5-7%.
Daiwa
Buy
Price Target
$19 -> $17
2026-01-06
downgrade
The analyst rating for JD Logistics (02618.HK) was reiterated at "Buy" despite the lowered target price from $19 to $17. This decision was influenced by the company's strong growth in the fourth fiscal quarter of 2025, although it faced challenges such as non-recurring cargo compensation losses and business restructuring due to intense market competition. Consequently, the broker firm, Daiwa, adjusted its FY2025-2027 EPS forecasts down by 5-7%.
Morgan Stanley
Morgan Stanley
Equalweight
downgrade
$13
2026-01-06
Reason
Morgan Stanley has reduced its earnings forecasts for JD LOGISTICS for 2025-27 by 7%/7%/5% due to several factors: ongoing losses from its subsidiary Deppon Logistics, significant upfront investments in Kuayue-Express, and one-time losses related to damaged goods in overseas warehouses. Consequently, the target price for JD LOGISTICS has been slightly lowered from HKD 13 to HKD 12.8, and the rating has been set to Equalweight.
Morgan Stanley
Equalweight
Price Target
$13
2026-01-06
downgrade
Morgan Stanley has reduced its earnings forecasts for JD LOGISTICS for 2025-27 by 7%/7%/5% due to several factors: ongoing losses from its subsidiary Deppon Logistics, significant upfront investments in Kuayue-Express, and one-time losses related to damaged goods in overseas warehouses. Consequently, the target price for JD LOGISTICS has been slightly lowered from HKD 13 to HKD 12.8, and the rating has been set to Equalweight.
Citi
Buy
downgrade
$18 -> $17
2026-01-06
Reason
The analyst rating from Citi for JD LOGISTICS is a "Buy" based on the expectation that the company will sustain growth in its integrated supply chain business despite facing intensified market competition and increased investments. Although Citi predicts a flat gross margin for 4Q25 and adjusted earnings that fall short of market expectations, they foresee profit margins resuming year-over-year expansion in 2026. This positive outlook on future growth justifies the "Buy" rating, even as the target price is slightly adjusted down from HKD18 to HKD17.
Citi
Buy
Price Target
$18 -> $17
2026-01-06
downgrade
The analyst rating from Citi for JD LOGISTICS is a "Buy" based on the expectation that the company will sustain growth in its integrated supply chain business despite facing intensified market competition and increased investments. Although Citi predicts a flat gross margin for 4Q25 and adjusted earnings that fall short of market expectations, they foresee profit margins resuming year-over-year expansion in 2026. This positive outlook on future growth justifies the "Buy" rating, even as the target price is slightly adjusted down from HKD18 to HKD17.
Jefferies
Buy
to
Buy
downgrade
$19
2026-01-05
Reason
Jefferies has maintained a Buy rating on JD LOGISTICS despite predicting a decline in non-GAAP earnings for 4QFY25 due to several factors: intensified industry competition, product upgrades, optimization of the freight business, and one-off events in November and December. The firm projects a 20% year-over-year growth in total revenue, indicating a positive outlook on the company's overall performance, which supports the Buy rating. However, they have reduced the target price from HKD19 to HKD18.2, reflecting a more cautious stance in light of the anticipated challenges.
Jefferies
Buy
to
Buy
Price Target
$19
2026-01-05
downgrade
Jefferies has maintained a Buy rating on JD LOGISTICS despite predicting a decline in non-GAAP earnings for 4QFY25 due to several factors: intensified industry competition, product upgrades, optimization of the freight business, and one-off events in November and December. The firm projects a 20% year-over-year growth in total revenue, indicating a positive outlook on the company's overall performance, which supports the Buy rating. However, they have reduced the target price from HKD19 to HKD18.2, reflecting a more cautious stance in light of the anticipated challenges.
UBS
UBS
Buy
downgrade
$18
2025-11-17
Reason
The analyst rating for JD LOGISTICS is maintained as "Buy" by UBS due to the company's strong revenue growth prospects and potential to grow into a global company through its technological advantages. However, the rating is tempered by concerns over low visibility of profit margins, leading UBS to lower its EPS forecasts for 2025-2027 and reduce its target price.
UBS
Buy
Price Target
$18
2025-11-17
downgrade
The analyst rating for JD LOGISTICS is maintained as "Buy" by UBS due to the company's strong revenue growth prospects and potential to grow into a global company through its technological advantages. However, the rating is tempered by concerns over low visibility of profit margins, leading UBS to lower its EPS forecasts for 2025-2027 and reduce its target price.
Nomura
Nomura
maintain
$17
2025-11-17
Reason
The analyst rating for JD LOGISTICS (02618.HK) was kept at "Buy" by Nomura due to several key factors:
1. Strong Revenue Growth: JD LOGISTICS recorded a 24% year-over-year revenue growth last quarter, which surpassed both market and Nomura's forecasts by 4%. This growth is attributed to increases in internal revenue, which helped offset a slowdown in external revenue.
2. Positive Outlook for Future Performance: Nomura predicts that the strong growth trend in internal revenue will continue into the fourth quarter of 2025, with expectations of a 33% growth in internal revenue and a projected total revenue increase of 13% year-over-year.
3. Improved Profitability Projections: The report anticipates that JD LOGISTICS' adjusted operating profit could see positive growth of 41% in 4Q25, with adjusted net profit expected to grow by 31% year-over-year to RMB2.9 billion.
These factors collectively support Nomura's decision to maintain a "Buy" rating with a target price of $17.
Nomura
Price Target
$17
2025-11-17
maintain
The analyst rating for JD LOGISTICS (02618.HK) was kept at "Buy" by Nomura due to several key factors:
1. Strong Revenue Growth: JD LOGISTICS recorded a 24% year-over-year revenue growth last quarter, which surpassed both market and Nomura's forecasts by 4%. This growth is attributed to increases in internal revenue, which helped offset a slowdown in external revenue.
2. Positive Outlook for Future Performance: Nomura predicts that the strong growth trend in internal revenue will continue into the fourth quarter of 2025, with expectations of a 33% growth in internal revenue and a projected total revenue increase of 13% year-over-year.
3. Improved Profitability Projections: The report anticipates that JD LOGISTICS' adjusted operating profit could see positive growth of 41% in 4Q25, with adjusted net profit expected to grow by 31% year-over-year to RMB2.9 billion.
These factors collectively support Nomura's decision to maintain a "Buy" rating with a target price of $17.
Morgan Stanley
Morgan Stanley
Equalweight
maintain
$13
2025-11-14
Reason
The analyst rating for JD LOGISTICS (02618.HK) from Morgan Stanley is "Equalweight" due to a few key reasons. While the company's 3Q25 results were largely in line with expectations and there is an anticipated mid-single digits net profit growth target for the full year, Morgan Stanley highlighted potential downside risks. Specifically, they noted that if Deppon Express does not achieve a turnaround in 4Q25, it could negatively impact JD LOGISTICS's performance. Consequently, they set a target price of HKD13, reflecting a cautious outlook amidst these risks.
Morgan Stanley
Equalweight
Price Target
$13
2025-11-14
maintain
The analyst rating for JD LOGISTICS (02618.HK) from Morgan Stanley is "Equalweight" due to a few key reasons. While the company's 3Q25 results were largely in line with expectations and there is an anticipated mid-single digits net profit growth target for the full year, Morgan Stanley highlighted potential downside risks. Specifically, they noted that if Deppon Express does not achieve a turnaround in 4Q25, it could negatively impact JD LOGISTICS's performance. Consequently, they set a target price of HKD13, reflecting a cautious outlook amidst these risks.
CLSA
CLSA
Outperform
maintain
$15.7
2025-11-14
Reason
The analyst rating from CLSA for JD LOGISTICS (02618.HK) is "Outperform" based on several factors. Despite a 21% decline in non-IFRS net profit due to losses from Deppon, upfront investments, and a high base, the broker forecasts a recovery in profit margins in 4Q25 driven by higher capacity utilization, significant endogenous growth, and revenue contributions from the food delivery business. Additionally, CLSA anticipates that JD LOGISTICS will focus on enhancing the efficiency and utilization of existing resources in 2026, which is expected to gradually improve profit margins. The broker also raised its sales forecasts for 2025-2027 by 2% and maintained its target price at $15.7.
CLSA
Outperform
Price Target
$15.7
2025-11-14
maintain
The analyst rating from CLSA for JD LOGISTICS (02618.HK) is "Outperform" based on several factors. Despite a 21% decline in non-IFRS net profit due to losses from Deppon, upfront investments, and a high base, the broker forecasts a recovery in profit margins in 4Q25 driven by higher capacity utilization, significant endogenous growth, and revenue contributions from the food delivery business. Additionally, CLSA anticipates that JD LOGISTICS will focus on enhancing the efficiency and utilization of existing resources in 2026, which is expected to gradually improve profit margins. The broker also raised its sales forecasts for 2025-2027 by 2% and maintained its target price at $15.7.
BofA Securities
BofA Securities
maintain
$16
2025-11-14
Reason
The analyst rating for JD LOGISTICS was kept as "Buy" due to several factors. Despite a 21% year-over-year decline in non-IFRS net profit for 3Q25, this result was in line with BofA Securities' forecast and exceeded market expectations by 6%. The management's cautious approach towards additional investments is expected to improve the net profit margin in FY26, addressing investor concerns about earnings volatility. Furthermore, BofA Securities anticipates a nearly 30% year-over-year increase in net profit for 4Q25, driven by strong revenue growth and improved capacity utilization. These positive outlooks contributed to the decision to maintain a "Buy" rating with a target price of HKD16.
BofA Securities
Price Target
$16
2025-11-14
maintain
The analyst rating for JD LOGISTICS was kept as "Buy" due to several factors. Despite a 21% year-over-year decline in non-IFRS net profit for 3Q25, this result was in line with BofA Securities' forecast and exceeded market expectations by 6%. The management's cautious approach towards additional investments is expected to improve the net profit margin in FY26, addressing investor concerns about earnings volatility. Furthermore, BofA Securities anticipates a nearly 30% year-over-year increase in net profit for 4Q25, driven by strong revenue growth and improved capacity utilization. These positive outlooks contributed to the decision to maintain a "Buy" rating with a target price of HKD16.
Valuation Metrics
Forward PE
N/A
5Y Average PE
14.53
Current PE
7.88
Overvalued PE
134.63
Undervalued PE
-105.57
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
93.45
Current EV/EBITDA
3.26
Overvalued EV/EBITDA
405.37
Undervalued EV/EBITDA
-218.47
Forward PS
5Y Average PS
0.52
Current PS
0.28
Overvalued PS
0.85
Undervalued PS
0.18
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