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《大行報告》麥格理首予京東物流(02618.HK)「跑贏大市」評級 目標價52.2元
阿思達克 06-15 09:59
麥格理發表報告,首予京東物流(02618.HK)「跑贏大市」評級 ,目標價52.2元,預計公司將在未來幾年內達到某種程度穩定的利潤率水平。

麥格理指,京東物流正趕上綜合供應鏈服務需求上升的浪潮。這是一個高度分散且有待整合市場,規模高達2萬億元人民幣。來自京東零售的強勁業務流應有助於成為京東物流在消費者洞察力和行業知識方面核心競爭力的支柱,而外部客戶的積累和服務類別的擴展能為京東物流加速擴大市場份額鋪平道路。

因此,麥格理預計,京東物流繼續成為全球增長最快的物流公司,估計其收入年複合增長率為27%,第三方業務在2021至2025年度期間的增長速度為32%,與全球同行3%至5%的收入年複合增長率相比,速度要快得多。

該行指,京東物流仍處於資本支出擴張週期,相信公司在未來幾季將優先考慮市場份額的增加而不是盈利能力。雖然短期內收益可能仍會出現一些波動,但持續的增長勢頭在後期可能會體現為經營槓桿。該行估計,京東物流將在2022年達到收支平衡,調整後利潤率在2025年度達到4%,其綜合供應鏈市場的市場份額屆時將翻倍。

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