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大行評級|大和:首予順豐同城“買入”評級及目標價24港元
格隆匯 06-27 14:51

大和首次覆蓋順豐同城,予“買入”評級及目標價24港元。該行認為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。

報吿指,在消費者日益注重方便度及用户體驗下,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。而近期外賣平台的競爭加劇,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。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。

除了規模效應有助改善盈利能力外,該行認為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為2.78萬元,遠低於一名騎手一年約8.4萬元的薪酬。因此,該行認為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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