JD LOGISTICS (02618) reported a 24% year-on-year revenue growth in the third quarter. CLSA expects its Q4 margins to recover sequentially, driven by higher capacity utilization, solid organic growth, and revenue contributions from the food delivery segment.
By 2026, the firm believes JD LOGISTICS will focus more on improving efficiency and utilization of existing resources, which should support a gradual margin recovery. CLSA raised its 2025–2027 revenue forecasts by 2%, with limited adjustments to EPS estimates.
The bank maintains its target price of HK$15.7 and an "Outperform" rating on the stock.
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