《大行報告》花旗上調中通快遞(ZTO.US)目標價至36.5美元 評級「買入」
花旗發表研究報告指,中通快遞(02057.HK)(ZTO.US)首季度非通用會計準則淨利潤按年增長77.4%至19億元人民幣,主要受包里量增長21%及單位成本下降11%的推動,完全抵銷平均單價下跌4%的影響。按年下降。期內盈利較該行及市場預期分別高出28%及37%。
該行指,中通首季市場份額擴大至23.4%,公司有信心全年市場份額可提升至少1.5個百分點。考慮到成本下降或可完全抵銷平均單價下跌的影響,該行將中通2023至2025財年盈利預測上調5%至7%,將中通快遞(ZTO.US)目標價由34.6美元上調至36.5美元,繼續列爲「三通一達」中的首選。
花旗預計中通快遞今年第二季包里量將按年增長24%,基數效應料於4月份過後逐漸消退,而快遞平均單價預計將按年下降約3%,預測第二季公司非通用會計準則下淨利潤將按年增長31%,達到24億元人民幣。
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