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《大行報告》大和降京東物流(02618.HK)目標價至14元 料季績無驚喜
阿思達克 01-08 11:16
大和發表報告表示,下調對京東物流(02618.HK)目標價,由16元降至14元,維持「買入」評級。該行亦下調對公司2023至2025年每股盈利預測8%至15%,反映中國業務收入增長壓力增加,但同時預期經營效益改善持續。 該行表示,上週四(5日)與京東物流管理層進行電話會議,聽取業務最新情況。管理層維持收入按年升20%至25%及經調整淨利潤率0.6%至1%的預測。在外間綜合供應鏈客戶方面,去年第四季貨量料按季持平。下遊業務方面,管理層指汽車客戶季度錄良好增長,但家電客戶在低消費情緒下受壓。該行料公司季度收入按年升10%及經調整淨利率受壓,受對上年度高基數影響。 大和料京東物流上季收入預測爲管理層指引的接近下限,但經調整淨利潤率爲指引的接近上限,意味股價基於去年第四季業績的上望空間有限,料季績無驚喜。 在現年度預測方面,該行認爲基於目前中國宏觀環境,料外間綜合供應鏈客戶增長將爲低單位數,平均用戶收入亦爲低單位數增長。
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