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《大行報告》交銀國際下調京東物流(02618.HK)目標價至14.3元 上調第三季調整後淨利潤預測
交銀國際發表報告,維持京東物流(02618.HK)第三季收入預期405億元人民幣,按年增加13%。上調經調整淨利潤預期至4.86億元,對應淨利潤率1.2%,按年持平,此前預期為0.7%。上調盈利預期,主要由業務及客戶結構優化、精細化管理能力提升帶動。 該行維持對京東物流全年收入按年增長21%(不含德邦影響,增8%)的預期不變,預計隨宏觀經濟復甦、客戶投入信心恢復,第四季收入增速按季應改善。受惠於客戶結構優化及精細化能力提升,上調全年利潤預期5%,經調整淨利潤率1%。預計明年收入和利潤按年分別增12%和116%,經調整淨利潤率 1.9%,受益於規模效應將改善利潤率。 由於公司進入持續盈利階段,該行將此前基於市銷率估值的方法調整為市盈率。考慮公司盈利能力將在 後年達到相對穩定的階段,將明年目標價由17元下調至14.3元,維持「買入」評級。
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