《大行報告》富瑞下調中通快遞-SW(02057.HK)目標價至258元 評級「買入」
富瑞發表研究報告指出,中通快遞-SW(02057.HK)次季收入按年增長12.5%至97.4億元人民幣,較市場及該行預期分別低4%及3.5%。包里量按年增長23.8%至76.77億件,較該行預期高出1.5%。快遞服務收入按年增長13.5%,低過該行預期按年增長19.1%。經調整EBITDA按年增長34.3%至38.84億元人民幣,高過該行預期37.42億元人民幣。經調整淨利潤按年增長40.8%至25.42億元人民幣,較市場及該行預測的23.17億及24.03億元人民幣,分別高9.7%及5.8%。
中通快遞重申,目前市場和經營狀況,預期2023年包里量將在292.7億至302.4億件,意味着按年增長20%至24%。公司另仍致力於實現全年銷量市場份額至少增長1.5個百分點的目標。
展望第三季,該行料中通快遞平均售價將繼續受到輕量級包里、大客戶和激勵措施的影響。預期包里量按年增長16%,主要由於去年基數高,以及近期在宏觀經濟環境下逐步復甦的行業趨勢。另料第四季包里量將出現反彈,監於去年基數低。對於全年,該行對公司非通用會計準則淨利潤預測維持不變。
該行認爲,中通快遞市場份額增長的故事完好無損,對其目標價由273元下調至258元,維持「買入」評級。
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