《大行報告》大和下調中通快遞(02057.HK)目標價至255元 評級「買入」
大和發表研究報告指,中通快遞(02057.HK)第三季收入按年升1%,而銷量按年增18%,但被平均售價減少13.5%所抵銷。集團的市佔率按年增0.3個百分點至22.4%。由於規模經濟和營運收益,單位成本於期內降16%,而毛利率較去年同期上升2.5個百分點至29.8%。集團的經調整盈利按年增25%至23.45億元人民幣,略高於該行預期。
該行表示,儘管集團對今年的銷售指引未變,但鑑於價格競爭加劇,管理層降低了市場份額增長目標。不過,該行認為這是由於其重點在於平衡盈利包裹業務、服務品質和產量,以實現長期利益。基於沒有市佔率擴展壓力,加上沒有包裹損失,該行認為集團的盈利前景比同業更好。該行又預計,集團第四季的均價將按季增長高個位數,意味毛利率有望按季改善,又料明年銷量將出現中雙位數的增長,而平均售價和單位成本將跌低個位數。
該行上調集團今年的每股盈測3%,惟下調2024及25年每股盈測4至7%,以反映調整對其銷售均價預測。由於產業持份者希望獲得市場份額,該行預計明年的盈利表現將出現差異,而集團的表現將優於二線持分者。該行重申集團H股「買入」評級,H股目標價由310元降至255元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.