大摩:對京東物流(2618.HK)盈利能力信心有限,予目標價21.7港元
格隆匯4月19日丨大摩發研報指,京東物流(2618.HK)仍處於探索其商業模式的相對早期階段,限制了對其估值的可見性,儘管看到中國對其綜合供應鏈服務的需求強勁,但對其盈利能力的信心有限。該行首予其“與大市同步”評級,目標價21.7港元。該行預測,2021-24年的收入複合年增長率為25%。
該行指,在電商物流領域,認為京東物流的商業模式相對於快遞模式沒有任何結構性優勢;在非電商物流方面,京東物流還面臨來自其他供應鏈管理同行以及獨立物流供應商的競爭。在全球範圍內,供應鏈管理是一項低利潤和週期性的業務。該行又指,鑑於京東物流強勁的收入增長,以及對2022-24年連續利潤率改善的預期,也認為股價的下行風險有限。

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