《大行報告》美銀證券下調京東物流(02618.HK)目標價至19元 評級「買入」
美銀證券發表報告,指京東物流(02618.HK)去年第四季業績在利潤率推動下表現向好,非國際會計準則(Non-IFRS)下淨利潤達到10億元人民幣,高於該行預期的6.2億元人民幣;收入按年增長41%至430億元人民幣,符合預期。
美銀證券預計公司今年首季經營情況將較困難,指出去年第四季疫情因素及今年初農曆新年所帶來的積壓訂單,將推高人力成本,預期首季將產生與去年同期相當的淨虧損。
但該行又指,與快遞業務相比,京東物流的內地海運裝箱物流(SCL)業務面臨的價格競爭並非激烈,預期將迎來溫和復甦,全年公司利潤率將持續改善,重申「買入」評級。
美銀證券將京東物流今明兩年Non-IFRS淨利潤預測分別上調13%及下調9%,達到10.24億及17.65億元人民幣,目標價則下調約10%,由21元降至19元,以反映資本開支增加。
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