《大行報告》野村下調京東物流(02618.HK)目標價至33元 評級「買入」
野村發表研究報告,指京東物流(02618.HK)上半年總收入按年增54%,大致符該行預期;毛利率按年跌9.2個百分點,至3.7%,主因去年同期高基數,以及持續產能擴張所致。按非通用會計準則計,淨利潤率為負3.4%,按年跌9.7個百分點,符該行預期。
該行指出,管理層承諾繼續在產能擴張方面投資,次季自營倉增至1,200個,次季底止,物流倉網絡總樓面面積2,300萬平方米。公司同時亦計劃增加其運送能力,有信心下半年利潤率可改善。京東物流亦計劃積極獲得大型核心客戶,涉及FMCG、家電、家具、汽車、紡織品及新鮮食品等。
野村下調京東物流2021至2022年收入預測各1%,利潤率預測大致維持,以現金流折現率計,目標價由35元降至33元,維持「買入」評級。
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