《大行報告》摩通首予安能物流(09956.HK)「增持」評級 目標價15元
摩根大通發表研究報告,首予安能物流(09956.HK)「增持」評級,目標價15元。該行指,安能物流是內地領先的零擔運輸運營商之一,截至2020年,按數量計算,安能在中國快遞貨運網絡中的市場份額爲17%,在合作夥伴平臺模式中的市場份額爲25%,認爲安能監於其規模、成本水平領先、強大的網絡覆蓋和運營專有技術,最能從中國零擔運輸市場的結構趨勢中受益。
報告預計,中國的零擔運輸市場將出現整合,貨運合作夥伴平臺模式表現將超越直營模式,預計貨運合作夥伴平臺模式下的快遞貨運網絡貨運量,在2020年至2025年將以35%的複合年增長率增長。該行認爲,安能物流很可能會追隨中通快遞(02057.HK)過往的增長軌跡,因爲特許經營模式爲在分散的行業中以輕資產方式快速擴張;另其自我強化的平臺將使其比同行更快地獲得市場份額,認爲安能相對於中通的估值折讓,是受到安能相對較慢的盈利增長和較少的往績。
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