《大行報告》大和下調京東物流(02618.HK)目標價至36.5元 評級「買入」
大和發表研究報告指京東物流(02618.HK)上半年虧損154億元人民幣,主要受上市後可轉換優先股公允值虧損128億元人民幣拖累,若剔除一次性項目的經調整淨虧損為15億元人民幣。上半年收入按年增54%,當中外部收入增110%,在總收入中佔比54.7%。
該行指,管理層重申其市場份額擴張計劃。上半年毛利率明顯跌至3.7%(去年同期為12.9%),該行相信邊際利潤壓力會於下半年略為改善,當中得益於來自員工成本降低的規模經濟效益。雖然管理層目標是優於行業平均的中單位數純利率,但該行認為要在未來2-3年內達到存在挑戰。
該行又指,民航局初步批准京東航空的籌建,但公司目前並無航機相關的資本開支計劃,因目前仍在初步探討階段。而公司開始增加其對製造業的服務,以擴大其供應鏈覆蓋範圍,該行相信增加服務範圍是正面的策略舉動,以吸引新客戶和強化與目前客戶的合作。
該行降2021至22年收入預期1%至4%,以反映ARPU增長較預期慢,目標價由37元降至36.5元,評級重申「買入」。
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