《大行報告》富瑞下調京東物流(02618.HK)目標價至21元 評級「買入」
富瑞發表研究報告指,京東物流(02618.HK)第四季總收入符合市場和該行預測。毛利率為8.9%,高於市場普遍預期的7.9%。非國際財務報告準則盈利和利潤率超出預期。由於1月和2月的疫情和重新開放相關的成本增加,管理層對2023年第一季的表現持保守態度。另一方面,集團將繼續深化與京東零售在多個領域的協同效應。目標價由27元下調至21元,維持「買入」評級。
該行預計,集團於今年首季的總收入按年增長約30%。按細分市場,料外部集成供應鏈解決方案收入按年接近持平,而其他收入按年增長約20%;預計季內非通用會計準則淨虧損率與2022年第一季相似。在全年基礎上,預計非通用會計準則淨利潤率按年將有所提高。
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