Events:
JD Logistics, Inc. released the 2021 annual report: in 2021, JD Logistics, Inc. realized 104.693 billion yuan in main business income, an increase of 42.68% over the same period last year; operating costs reached 98.909 billion yuan, up 47.45% over the same period last year; gross profit was 5.784 billion yuan, down 8.10% from the same period last year; gross profit margin was 5.52%, down 3.05pcts The net profit of homing is-15.842 billion yuan, which is mainly due to the one-time loss of 12.844 billion yuan caused by the change in the fair value of convertible preferred shares after listing, while the adjusted net profit of Non-IFRS is-1.23 billion yuan.
Main points of investment:
Overall revenue maintained rapid growth, integrated supply chain products continued to be recognized in 2021, JD Logistics, Inc. achieved main business income of 104.693 billion yuan, an increase of 42.68% over the same period last year, of which 2021H2 and JD Logistics, Inc. achieved operating income of 56.221 billion yuan, an increase of 34.40% over the same period last year. Compared with 2021H1, revenue growth slowed down in the second half of the year, but remained ahead of the industry.
According to customers, in 2021, the revenue of integrated supply chain customers was 71.054 billion yuan, an increase of 27.75% over the same period last year, of which 2021H2 completed revenue of 37.437 billion yuan, an increase of 26.10% over the same period last year. The number of customers increased to more than 74000, an increase of about 22000, and the average income of a single customer increased by 9.2% year-on-year to 341424 yuan. The integrated supply chain business maintained steady development, and the competitiveness of the product model continued to be verified.
Other customers completed revenue of 33.639 billion yuan, an increase of 89.46% over the same period last year, of which 2021H2 completed revenue of 18.784 billion yuan, an increase of 54.67% over the same period last year. Revenue from other customers still maintains high growth, mainly for two reasons: first, standardized products such as express delivery and express delivery have rapidly expanded JD Logistics, Inc. 's customer base, and the number of external customers continues to increase; second, across express and table contribution of 11.3 billion yuan, the vast majority belong to other customer income categories.
JD Logistics, Inc. 's expansion period continued, profitability in the second half of the year was gradually repaired. JD Logistics, Inc. expanded actively in 2021. The annual capital expenditure reached 4.1 billion yuan, an increase of 28.13% over the same period last year, of which 2021H2 capital expenditure was 2.5 billion yuan, an increase of 38.89% over the same period last year. The annual sales expense was 3.078 billion yuan, and the sales expense rate reached 2.94%, an increase of 0.47% over the same period in 2020, of which the 2021H2 sales expense rate was 3.02%, an increase of 0.17% compared with the same period last year. Capital expenditure and sales activities promote the effective expansion of customer scale, and the increase in business volume also improves the efficiency of the use of invested resources. JD Logistics, Inc. 's annual operating cost in 2021 was 98.909 billion yuan, an increase of 47.75% over the same period last year, of which 2021H2 operating cost increased by 31.85% over the same period last year, significantly lower than the 69.90% year-on-year growth in the first half, driving gross profit margin to gradually repair from the low in the first half of the year. In 2021, the company achieved a gross profit of 5.784 billion yuan, down 8.10% from the same period last year, with a gross profit margin of 5.52%. Of these, 2021H2 and JD Logistics, Inc. achieved a gross profit of 4.014 billion yuan, an increase of 79.28% over the same period last year, an increase of 126.87% month-on-month, and a 7.14% gross profit margin, an increase of 1.79pcts and 3.49pcts.
Continuously strengthen the comprehensive logistics layout, long-term optimistic about the development of the company's integrated supply chain with the continuous evolution and iteration of business flow, it has also put forward more comprehensive and comprehensive requirements for logistics enterprises. JD Logistics, Inc., relying on the support of the stable business flow, capital flow and information flow of the parent company, has the brand talent and data genes that are difficult for traditional express enterprises to reach, and has walked out of the unique development model of the integrated supply chain. On March 11, 2022, JD Logistics, Inc. proposed to offer to buy Debang shares and disclosed that the acquisition can effectively make up for the company's network shortcomings, accelerate the maturity of diversified layout, and be optimistic about the development of the company's integrated supply chain for a long time.
The profit forecast and investment rating are based on the principle of prudence, regardless of the impact of the acquisition of Debang shares on its performance. JD Logistics, Inc. 's operating income from 2022 to 2024 is expected to be 132.132 billion yuan, 161.675 billion yuan and 192.562 billion yuan, respectively. The net profit of returning home is 298 million yuan, 1.652 billion yuan and 2.852 billion yuan respectively. Maintain the "overweight" rating.
The risk indicates that JD.com Group Holdings brings the risk of related party transactions, the market expansion is less than expected, the market competition intensifies the risk, the demand boom declines, the merger and acquisition integration is not as expected, and the macro environment is not as expected.