《大行》交銀國際料京東物流(02618.HK)第二季業績符合預期 維持「買入」評級
交銀國際發表報告,預計京東物流(02618.HK)第二季業績符合預期,收入延續雙位數增長,利潤按年中個位數增長。公司將爲集團外賣提供全職騎手配送服務,按照成本價結算,對短期利潤影響有限,長期尋求協同效應。微調預測,維持目標價18.5港元及「買入」評級。
交銀國際預計,京東物流第二季度總收入按年增11.6%至493.3億元人民幣(下同),略好於該行此前預期,預計內外部收入均保持雙位數增長。預計經調整淨利潤按年增4.5%至25.7億元,與該行預期基本一致,對應淨利潤率爲5.2%,按年下降35個基點,主要因人員及運輸資源投入對毛利潤率產生影響。
該行微調全年預測,預計2025年收入及經調整淨利潤按年分別增10.7%及4.9%。公司6月24日公告宣佈,京東物流將負責京東集團全職外賣騎手管理及配送服務,並在長期尋求協同效應和營運效率的提升,該行認爲和集團結算按照成本價覈算,對短期利潤影響有限。預計第二季財務影響較小,按照下半年京東外賣1,500萬至2,500萬日均單量以及全職騎手承擔30%至50%配送比例估算,對2025年收入影響2%至8%,尚未反映在當前預測中。
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