《大行》花旗予京東物流(02618.HK)目標價18元 招募全職騎手參與京東外賣配送具協同效應
京東物流(02618.HK)今早股價彈高逾6%報13.08元。京東物流公布京東-SW(09618.HK)連同其子公司及關聯併表實體外賣業務的發展,京東物流開始招募全職騎手,參與京東外賣的配送服務。
花旗研究報告指,京東物流(02618.HK)宣布開始招聘全職騎手後,認為全職外賣騎手與京東物流的最後一公里快遞業務存在一些協同效應,因兩者業務的高峰時段不同。
花旗相信,京東可能會優先將流量分配給京東物流的自營平台騎手,這一新舉措可能成為京東物流長期收入增長的新驅動力,但由於騎手成本高且京東在外賣業務的變現能力有限,短期內可能對淨利潤帶來一定不確定性,即使對2025年預期收益的影響應可控。基於估值不高的考量,花旗維持京東物流「買入」評級及目標價18元,相當於2025年預期市盈率12倍。
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