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《大行報告》美銀證券:京東物流(02618.HK)首季業績大致符預期 評級「買入」
美銀證券發表報告指,京東物流(02618.HK)首季業績大致符預期,維持「買入」評級及目標價19元,並預期次季業績仍會按季改善。 報告指,根據目前的運行速度,預計京東物流次季包括德邦的收入將按年增長30%至35%。在無一次性成本影響情況下,預計淨利潤率將轉為正值,非國際財務報告準則淨利潤將在3至4億元人民幣之間。母公司京東(09618.HK)亦預計次季商品成交額增長將有所改善,但京東物流關聯方海運物流(SCL)收入仍可能出現輕微負增長。該行維持2023財年淨利潤預測為10.2億元人民幣。 美銀證券估計,撇除德邦因素,京東物流首季收入按年增長8%,目前京東物流尚未從交叉銷售和成本節約中獲得實質性的協同效應,但管理層計劃在整個今年第三季至明年第三季作更多的網絡整合,預計在明年下半年將見到更多協同效應。
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