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大和:上調京東物流(2618.HK)目標價至37港元 評級“買入”
格隆匯 09-29 14:41

大和發表研究報吿指,京東物流(2618.HK)繼續外部增長並與市場領導者合作,管理層分享了其集成供應鏈客户富豪汽車(Volvo)的成功案例,京東物流外部客户數量在今年上半年按年增長59%,認為這將是主要的股價驅動因素。 該行重申其“買入”評級,目標價由36.5港元上調1.37%至37元。

大和指,富豪汽車案例方面,該客户於2020年首次在智能補貨項目中開始合作,經過一年的合作和強大的效率提升,富豪的年庫存週轉率為5.1天,按年增長55%,京東物流於2021年將其服務擴展到富豪的全國倉庫網絡和運營,而富豪則將其備件部門完全外包物流。 

該行續指,看到京東物流成功地利用富豪的經驗為冠盛集團(605088.SH)和上汽通用五菱汽車等其他原始設備製造商提供服務,認為公司已經開始通過模塊化和標準化其對中小企業的服務取得一些成果。管理層又指,公司沒有面臨近期控電造成的重大運營中斷,對利潤率改善充滿信心,儘管其以收入增長為導向的戰略,管理層對獲得規模經濟充滿信心。 管理層的目標是在規模建立後實現兩位數的毛利率,到2024年實現1.5-2.5%的淨利潤率。

該行認為,鑑於外部客户增長的收入預期較高,預計公司2022-23年的淨虧損將減少,部分被外包成本的毛利率下降所抵消,又預計2021-22年的淨虧損將減少。

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