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《大行報告》富瑞下調京東物流(02618.HK)目標價至29元 評級「買入」
阿思達克 10-13 09:50
富瑞發表研究報告指,京東物流(02618.HK)在數據和協同網絡方面的核心能力,可令集團在同業中突圍而出。該行認為,目前集團的宏觀環境正處於逆風,加上收入的戰略調整及消費者信心和供應鏈需時回復,將其目標價由31元下調至29元,維持「買入」評級。 該行預計,集團第三季總收入將按年增長14.7%至295億元人民幣,而內部收入增長亦會放緩。毛利率方面,該行料可擴張至6%,惟仍低於第二季時的高峰,而非國際會計準則純利則料保持收支平衡。隨著踏入第四季,該行料總收入將按年增13%,並料毛利率為7.2%,而非國際會計準則純利率維持不變約為2%。 該行重申,對集團抱持積極看法,認為集團可在集成供應鏈解決方案中跑出並佔據市場份額。從長遠來看,該行認為,對商家而言,倉儲變得更加重要,以確保在疫情爆發期間運輸中斷的情況下仍有充足的產品供應。 該行表示,綜合供應鏈是一個分散的市場,認為其市場份額有充足的增長空間,
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