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大行評級|交銀國際:上調京東物流目標價至10.1港元 維持“中性”評級

交銀國際上調對京東物流目標價,由9.5港元上調至10.1港元,基於預測市盈率15倍,為行業平均水平估值,維持“中性”投資評級。該行指,京東物流首季收入按年升15%至421億元,高於該行及市場預期4%。外部收入佔比69%,按季基本持平,內單增速15%,高於該行預期的8%。客户結構調整和規模效應推動毛利率按年升3個百分點至7.7%。調整後淨利潤及利潤率為6.6億元及1.6%。該行指,公司上市以來首次在首季度實現盈利,得益於業務結構持續優化及營運效率提升,利潤大幅超出該行預期的6,900萬元。

該行微調收入預測,上調今年經調整後淨利潤8%,預計調整後淨利潤率2.2%,該行認為公司通過精細化營運、規模效應,淨利潤率有望好於指引上限。

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