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《大行報告》花旗:京東物流(02618.HK)首季虧損收窄 優於市場預期
花旗發表報告指,京東物流(02618.HK)首季收入按年增長34%,較該行及市場預期高出1%。細分業務計,內部一體化供應鏈收入按年跌2%,但仍較該行預測高3%,而第三方的一體化供應鏈收入則按年增長11%,較花旗預測高出11%,來自其他客戶的收入按年增長93%,較預期低3%。 該行認為京東物流整體業績表現好過預期,一體化供應鏈表現向好,而來自關聯公司德邦集團的收入亦超出預期。期內毛利率為4.5%,較去年第四季的8.9%大幅回落。該行認為主要是由於期內錄得較高的防疫成本,相對會在未來幾個季度逐漸減少。 花旗指,京東物流整體淨虧損收窄,表現好過預期,關注管理層對一體化供應鏈收入增長的預期,及業務發展戰略,給予「買入」評級,目標價19元。
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