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《大行報告》海通國際下調京東物流(02618.HK)目標價至35.25元 基於匯率變化
海通國際發表研究報告指出,京東物流(02618.HK)次季收入按年增長31.2%至410億元人民幣,非國際財務報告準則(Non-IFRS)利潤8.3億元人民幣,按年增長2.88倍。公司盈利水平顯着改善,上半年整體Non-IFRS淨利潤1.1億元人民幣,對比去年同期虧損5.8億元人民幣,實現按年扭虧爲盈。 該行預期,京東物流第三季收入按年提升11%至397億元人民幣(包含德邦),Non-IFRS淨利潤爲2.4億元人民幣,對應的淨利率爲0.6%。該行上調京東物流第三季淨利率主要原因包括公司在不斷優化客戶結構,提升精細化管理水平,對於大促期間的人員、場地等要素投入更加精準有效。德邦股份購買公司及子公司83個轉運中心部分資產後,將對該些資產進行更有效率的管理。 此外,該行料2020至2025年京東物流外部收入複合增速將達到36.4%,超過公司25.1%的總收入複合增速,其中今年公司總收入按年增長21%至1,659億元人民幣,原預測爲1,624億元人民幣,外部收入按年增長31.9%至1,175.5億元人民幣。另預計,公司今年的Non-IFRS淨利潤有望達到15.3億元人民幣(原爲9.23億元人民幣)。由於匯率變化,對公司目標價調低3%至35.25元,維持「優於大市」評級。
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