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《大行報告》瑞銀首予京東物流(02618.HK)「買入」評級 目標價56.3元
瑞銀髮表報告,認爲投資者對京東物流(02618.HK)外部客戶增長擔憂過度,預計其來自外部客戶的銷售貢獻將從2020年的47%上升到2023年的60%,而受人員效率和資產利用率的提高推動,營業利益率將從2022年開始持續擴大,首次給予京東物流「買入」評級 ,目標價56.3元。

瑞銀解釋,根據灼識諮詢(CIC)預測,由於對專業和專項物流服務的需求不斷增加,中國的綜合供應鏈市場規模在2025年預計將達到3.2萬億元人民幣,5年複合增長率爲9.5%,市場仍有進一步整合潛力。該行預測在2020年至2023年,京東物流的外部客戶收入年複合增長率爲43%,主要是由以下因素驅動,包括對京東的第三方賣家和其他電子商務平臺的滲透率上升,以及優質快遞的擴張,而兩者都有京東的高服務質量、強大的品牌形像和不斷擴大的物流網絡作支撐。

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