《大行報告》大和微升京東物流(02618.HK)目標價至37元 評級「買入」
大和發表報告指,監於京東物流(02618.HK)外部客戶增長帶來的較高收入預期,預計2022年至2023年的淨虧損將有所下降,但部分被外包成本的毛利率下降所抵銷,重申其「買入」評級,將目標價由36.5元調高至37元。
報告又指,京東物流和沃爾沃經過1年合作後,沃爾沃年庫存週轉爲5.1天,按年大幅提升55%,今年更將其服務擴展到沃爾沃全國的倉庫網絡和運營,同時沃爾沃亦將其備件部分完全外包給京東物流。該行認爲,京東物流正在成功地複製沃爾沃的經驗,向上汽、通用、五菱汽車等其他OEM廠商提供服務,反映其已開始從向中小企業提供的模塊化和標準化服務中取得成果,因爲外部客戶數量在上半年按年增長了59%,亦將會是短期股價推動力。
大和指,管理層稱在最近的電力供應控制中沒有面臨重大的營運中斷,對毛利率改善有信心,目標到2024年淨利率將達到1.5%至2.5%。
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