《大行報告》花旗降京東物流(02618.HK)目標價至12元 毛利改善能見度提升
花旗發表報告指,京東物流(02618.HK)去年第四季業績穩健,第一方銷售平臺綜合供應鏈(1P ISC)及整體盈利率均勝預期,相信與第一方銷售平臺綜合供應鏈良好復甦與公司下調免費付運門檻有關,且該利好料持續至今年上半年,直至今年下半年放緩。
該行預期公司外間客戶收益增長將快於第一方銷售平臺綜合供應鏈,基於外間客戶數量恢復及快遞業務良好增長。毛利率方面,基於去年1月新冠相關支出,公司今年首季將面對比較低的對比基數。受益於成本優化及經濟規模,公司毛利率亦將在全年改善。
該行把京東物流目標價由15元降至12元,反映同業估值下滑。該行大致維持對公司今明兩年盈利預測。基於收入增長動力逐步復甦,以及穩健成本優化令盈利率改善可見度增加,維持對該股「買入」評級。
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.