《大行》匯豐降順豐同城(09699.HK)目標價至14元 維持「買入」評級
匯豐研究發表報告指,認為市場高估了順豐同城(09699.HK)因食品配送市場激烈競爭而引發的成本壓力,同時低估了其收入增長勢頭。集團今年勞動節的訂單量按年急升87%,當中尾程運送(last-mile orders)按年升1.02倍。該行將2025至26年收入預測上調11%至15%,以反映自訂派件服務(on-demand delivery)的滲透率改善和市場集中度提高。
雖然國內的即時零售行業競爭加劇,但該行相信集團每張訂單的成本會相對維持穩定,或輕微下跌,並相信集團的盈利能力將持續上升,但預計利潤較低的尾程運送將佔收入更大份額,因此將2025及26年淨利潤分別下調4%,新增2027年淨利潤預測為4.52億元;目標價由14.3港元降至14港元,維持「買入」評級。
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