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大行評級 | 野村:料京東物流(2618.HK)第3季總收入同比升37% 維持買入評級
格隆匯 10-13 15:50
格隆匯10月13日丨野村發研報表指,予京東物流(2618.HK)目標價18港元,維持“買入”評級。野村估算,京東物流第3季總收入同比升37%,勝市場預期,由於部分受德邦交易整合所帶動;經調整淨利潤率料按年改善至-0.1%,毛利率亦料升1.7個百分點,符市場預期。另估算期內來自京東收入同比持平,由於社區團購及“京喜”業務規模收窄;撇除德邦以外收入同比升15%。該行認為內地消費者情緒或以較長時間恢復,京東物流外部綜合供應鏈收入或受此影響,商家或對公司高端物流服務看法保守,估算第4季撇除德邦以外收入按年升13%,環比放緩。野村將公司2022、23年收入預測均下調2%,經調整淨利潤率預測則大致維持不變。

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