《大行報告》麥格理微降京東物流(02618.HK)目標價至9元 供應鏈業務弱勢
麥格理髮表報告,京東物流(02618.HK)受累供應鏈業務弱勢,預期其去年第四季整體收入按年增長8%至460億元人民幣,反映宏觀經濟環境較弱,企業開支疲軟;預期淨利潤率維持擴張趨勢,按年提升2點子至2.4%,反映盈利按年增長8%。
該行預期,整合供應鏈業務在週期性復甦中表現滯後,主要因爲企業對未來增長前景維持審慎。公司業務主要與京東零售相關,預期來自自營平臺的收入按年增長1%、較對上一季按年增長8%放緩。外部收入估計按年增長3%,主要由於公司終止部分低收益的客戶合作。公司正在調整客戶組合、與德邦物流進合整合、擴充海外業務、調整企業架構,相信公司仍然處於調整階段。
麥格理將京東物流2023及2024年經調整純利預測,分別下調3.6%及1.1%,以反映增長前景疲弱,目標價由9.1元輕微下調至9元,相當於預測今年市盈率15倍,維持「中性」評級。
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