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研報掘金|中金:上調京東物流目標價至13.7港元 維持“跑贏行業”評級
格隆匯 05-20 11:09
中金髮表報吿指,京東物流首季營業收入421.37億元,按年增長15%,按季下跌11%,略勝預期;non-IFRS淨利潤6.63億元,為上市以來首季最好水平,對應1.6%non-IFRS淨利潤率,超出該行和市場預期,主因降本增效好於預期。中金預計,京東物流今年將持續受益於內單增長,關注外部一體化供應鏈業務需求回暖進展。同時預計今年公司內單增長將持續受益於零售平台包郵政策的調整,因此來自京東及3P商家的收入或仍將維持當前增長態勢。此外,該行認為今年外部一體化供應鏈客户數和單均客户收入都有望迴歸到正常的增長態勢上,外部客户收入佔比將維持高位。隨着多方資源的有序整合,公司核心產品服務能力或持續提升,全年non-IFRS淨利潤率有望接近2%。中金基本維持京東物流今明兩年盈利預測不變,現價分別對應今明年non-IFRS市盈率17.1和14.1倍。考慮到公司利潤率提升的確定性不斷增強,上調目標價25%至13.7港元,對應今明兩年23倍和18.9倍non-IFRS市盈率,維持“跑贏行業”評級。
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