Events:
JD Logistics, Inc. issued the first quarter 2022 results announcement:
2022Q1 and JD Logistics, Inc. achieved a revenue of 27.351 billion yuan, an increase of 22.0% over the same period last year; a gross profit of 1.461 billion yuan, an increase of 533.5% over the same period last year; a net loss of 1.35 billion yuan, compared with a net loss of 11 billion yuan for the same period last year; and a loss of 798 million yuan for non-IFRS, compared with a loss of 1.366 billion yuan for the same period last year.
Main points of investment:
The scale effect is gradually emerging, and the Q1 gross profit end is growing rapidly.
2022Q1 and JD Logistics, Inc. realized a gross profit of 1.461 billion yuan and a gross profit margin of 5.34%, increasing 4.31pcts over the same period last year and rapidly improving their profitability. The substantial increase in gross margin results from the promotion of fine cost management measures, the effective adjustment of customer structure and the gradual emergence of scale effects. JD Logistics, Inc. still implemented the policy of not closing for the Spring Festival in the first quarter, and under the influence of the closure of the epidemic in March, the company's Maori end still achieved substantial repair. In terms of net loss, the net loss of 2022Q1 JD Logistics, Inc. reached 1.35 billion yuan, compared with 1.985 billion yuan in the same period last year (excluding the change in fair value of convertible redeemable preferred shares of 9.015 billion yuan), the loss narrowed compared with the same period last year.
The expansion period continues, and the contribution of external customers increases mainly.
2022Q1, revenue from external customers reached 15.965 billion yuan, an increase of 30.45% over the same period last year, accounting for another increase to 58.4%, the main increase in revenue contributed by external customers. From a split point of view, the revenue of other customers increased by 34.8% to 9.45 billion yuan compared with the same period last year, and that of the externally integrated supply chain increased by 24.6% to 6.515 billion yuan, of which the number of externally integrated supply chain customers increased by 9743 to 58818 compared with the same period last year. The average income of a single customer reached 110800 yuan, an increase of 3.93%. There are two reasons for the continuous expansion, one is the increasing customer demand for integrated supply chain services, and the other is the company's continuous sales and promotion activities. On the expense side, 2022Q1 and JD Logistics, Inc. 's sales expenses increased by 42.7% to 951 million yuan compared with the same period last year, and the sales expense rate reached 3.48%, an increase of 0.5pct over the same period last year. The company continued to increase brand promotion and promotional activities. The growth of short-term customer scale improves the efficiency of the use of input resources. After the gradual reduction of follow-up promotion and promotion activities, customer retention and customer conversion rate of integrated supply chain deserve long-term attention.
The layout of integrated logistics is constantly improving, and the development of integrated supply chain is optimistic.
With the continuous evolution and iteration of business flow, more comprehensive and comprehensive requirements have been put forward for logistics enterprises. JD Logistics, Inc. relies on the support of stable business flow, capital flow and information flow of his parent company. with the brand talent and data genes of leading traditional express enterprises, out of the unique development model of integrated supply chain. In order to continuously improve the comprehensive logistics layout, JD Logistics, Inc. plans to acquire Debang shares to make up for the shortcomings of the express network; internationally, the company opened two intercontinental routes in March 2022 to enhance the cross-border integrated supply chain service capability by strengthening the layout of overseas warehouses and trunk lines. On the whole, the company is halfway to expansion and expects subsequent revenue growth and cost improvements to continue to materialize.
Profit forecast and investment rating estimate that JD Logistics, Inc. 's operating income from 2022 to 2024 will be 134.053 billion yuan, 163.98 billion yuan and 195.282 billion yuan respectively, and the net profit of returning home will be-2.65 billion yuan, 0.01 billion yuan and 2.314 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.