Morgan Stanley's report indicated that they are more optimistic about jd.com logistics, as JD Retail finally hit bottom after a year-long restructuring. With JD (09618.HK) lowering the free shipping threshold, there have been positive signs of conversion rates and orders, which are beneficial to the internal orders of jd.com logistics.

The bank expects that jd.com logistics' self-operated platform (1P) revenue for the second quarter and the whole year of 2024 will increase by 16% annually, faster than the 4% growth rate during the same period last year. As for third-party sales platform (3P) revenue, it is estimated to increase rapidly due to a more favorable customer mix, supporting the rise in gross profit.

Morgan Stanley raised its net profit forecast for JD.com logistics for the next two fiscal years by 3% and raised its target price from 9.6 yuan to 9.9 yuan, upgrading its rating from "neutral" to "outperform".