《大行報告》麥格理上調京東物流(02618.HK)目標價至14.8元 評級「中性」
麥格理發表報告指,京東物流(02618.HK)今年第三季收益在季節性較弱的季度提前交付,並錄得正利潤率,但其自身業務銷售顯著放緩,其來自京東集團的內部收入或仍將是一個拖累,估計2022至2025年的收入複合年增長率僅為4.9%。
該行將京東物流目標價由12元上調至14.8元,相當於預測2024年市盈率25倍,維持「中性」評級。
麥格理表示,京東物流第三季經調整盈利顯著超出預期,這主要歸功於有效的成本控制和客戶組合重組。不過,該行認為,消費疲弱和宏觀不確定性或會繼續影響商家的消費潛力,這對集團來說仍然是一個不明朗因素。
該行表示,對京東物流內部收入的長期增長潛力持謹慎態度,料集團收入的複合年增長率為12%。由於第三季的強勁業績,該行將京東物流2022年的經調整盈利預測由虧損1,000萬元人民幣上調至盈利4.45億元人民幣,同時分別上調2023至2024年的經調整盈利各17%和23%。
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