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《大行報告》野村下調京東物流(02618.HK)目標價至33元 評級「買入」
阿思達克 01-12 09:37
野村發表報告,將京東物流(02618.HK)2021和2022財年的收入預測各下調1%,而營業利潤率預測則保持不變,維持「買入」評級,目標價由38元下調至33元。 野村指,京東物流去年第4季的業績可能符合市場預期。總收入可能會錄得25%的按年增長,至300億元人民幣,基本符合市場預計。非一般通用會計準則的淨利潤率在去年下半年將按年提高0.2個百分點至負0.7%,而市場預期的利潤率爲負1%。 另外,該行預計京東物流的外部收入在去年第4季將實現33%的按年增長,由外部綜合供應鏈按年增長47%所推動,主要是由於相關業務在其支柱行業如快速消費品、生鮮產品、3C、家電和傢俱等方面的穩固表現。在有利的季節性因素支持下,來自其他客戶如快遞、貨運的收入可能會出現10%的按季增長,按年則增長23%。
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