《大行報告》大和降京東物流(02618.HK)目標價至36.5元 評級「買入」
大和發表研報指,京東物流(02618.HK)去年全年收入增長43%,當中外部收入增長勢頭持續,總收入貢獻佔比達56%,認爲業績向好主要受惠於集成供應鏈業務收入增長28%及其他業務增長89%。在季節性因素及規模效應下,毛利率由去年上半年的3.7%提升至下半年的7.1%。
報告指出,京東物流去年全年外部客戶及每名客戶平均收入增長依然強勁,分別增長42%及9%。管理層爲今年業務發展列出積極的指引,目標達到收支平衡,又指近期燃料成本高企預料會影響外包成本,但大部分合約已承包出去,因此燃料成本影響可控。
大和表示,在經濟放緩情況下,客戶對成本節約及運營效率提高的需求不斷增加,預計2022年外部各方的收入貢獻將增加,維持對公司非公認會計準則淨利潤率至2024年達到1.5%至2.5%的預測。
該行並將2022至2023年收入預測上調3%至4%,以反映外部收入增長強於預期,同時預測內部收入將下降,考慮到近期投資情緒疲弱,將目標價從42元下調至36.5元,重申「買入」評級。
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