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《大行》大和首予順豐同城(09699.HK)買入評級 目標價24元
大和首次覆蓋順豐同城(09699.HK),予「買入」評級,目標價24元。該行認爲公司可實現收入增長,因其在食品類及非食品類的市場均有機會,且使用無人車可有助成本優化,而市場尚未考慮到這一因素。 報告指,在消費者日益注重方便度及用戶體驗下,順豐同城的配送服務已由食品配送擴張至不同產品及服務。而近期外賣平臺的競爭加劇,並透過加大推廣以提高市場份額,將間接帶動集團的訂單量。加上集團與關鍵客戶(key accounts)建立合作關係,亦減少對單一平臺的依賴。再者,雖然非食品配送服務發展仍處於早期階段,但該行相信食品配送業務市場成熟的消費者習慣,可延伸至非食品配送服務。在這個市場中,平臺更願意與第三方建立合作關係,因其自身的物流網絡在面對長途配送時面臨挑戰。 除了規模效應有助改善盈利能力外,該行認爲使用無人車亦有助節省成本,估算營運一架無人車的年均成本爲2.78萬元人民幣,遠低於一名騎手一年約8.4萬元的薪酬。因此,該行認爲如集團的無人車隊擴大,有助拉勻每單位成本。而集團現時共營運200輛無人車。
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