富瑞:料京東物流(2618.HK)下半年非IFRS虧損收窄 評級買入
富瑞發研報預計,京東物流(2618.HK)受惠於不斷增長的規模效益,2021年下半年毛利率將達到7%,高於2021年上半年的3.7%,預測去年下半年非IFRS(國際會計準則)淨虧損將較上半年收窄,全年非GAAP(通用會計準則)淨虧損率約為負1.8%,目標價為41港元,維持“買入”評級。
富瑞預計,京東物流2021年的總收入將按年增長44%至1050億元人民幣,而來自一體化供應鏈客户的收入按年增長30%至720億元人民幣,而來自其他客户的收入將按年增長87%至330億元人民幣,而對於一體化供應鏈客户,預計外部收入按年增長59%至260億元人民幣,約佔2021年總收入的25%,富瑞估計,京東物流的執行力有望符合2021年的市場預期,在數據洞察及協同網絡的支持下,其集成供應鏈物流解決方案將保持穩健的增長勢頭,幫助客户提高生產力和效率,該板塊現正處於發展初期其潛力巨大,長期利潤率亦可繼續改善。

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