Bank of Communications International projects JD Logistics (02618) will report second-quarter earnings meeting market expectations, with revenue sustaining double-digit expansion and profits achieving mid-single-digit annual growth. The logistics provider will offer full-time delivery rider services for JD Group's food delivery operations at cost-based pricing, generating limited near-term profit impact while pursuing long-term synergistic advantages. Following minor forecast adjustments, the firm maintains its HK$18.5 target price and Buy recommendation.

Bocom International anticipates JD Logistics' Q2 total revenue will rise 11.6% year-on-year to RMB 49.33 billion, slightly exceeding previous projections. Both internal and external revenue streams are expected to maintain double-digit growth momentum. Adjusted net profit is forecast to increase 4.5% annually to RMB 2.57 billion, aligning closely with estimates.

The brokerage has marginally revised full-year projections, now expecting 2025 revenue and adjusted net profit to grow 10.7% and 4.9% respectively. JD Logistics announced on June 24 it will assume management and delivery responsibilities for JD Group's full-time food delivery riders, targeting operational efficiency gains and synergistic benefits over the extended horizon.