金吾财讯 | 交银国际发研报指，预计京东物流(02618)2024年4季度收入同比增8.6%至512.5亿元（人民币，下同），较3季度6.6%的同比增速加速增长，较该行此前预期上调2%，主要反映公司增加专业市场布局抢占市场份额以及前期投入如航运、航空线路对业务量的增长拉动。预计一体化供应链业务增长趋势与3季度一致，快递、快运业务稳健增长。预计4季度调整后净利润同比增10%至20亿元，较市场预期的17亿元高16%，对应调整后净利润率3.9%，同比稳中有升。该行预计全年收入同比增9%，调整后净利润率4.2%（公司指引3-4%）。该行维持其目标价18港元，对应2025年市盈率13倍不变，维持买入。该行预计2025年公司前期资源投入对收入的拉动效果有望持续，淘宝接入继续推进有望带来额外增量，精细化运营效率优化效果仍有复制及推广的空间，整体利润率趋势稳中向好。
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