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《大行》匯豐研究降順豐控股(06936.HK)評級至「持有」 降目標價至42.1元 料下半年盈利暫停增長
阿思達克 09-02 11:36
匯豐研究發表報告指,順豐控股(06936.HK)第二季經常性業績遜預期。營收按年增長11.5%,表現尚可,但經常性淨利僅按年增3%,不單只差過市場預期,亦未達該行先前預測的中十位數增長。該行認為業績遜預期,主因是營運成本按年增13.3%與銷售支出按年增26.8%,導致利潤率壓縮,有關支出是為支持持續的市場擴張。 報告指,順豐控股強調其業務重點在於未來三至六個月持續投資網絡建設,以建立更強的競爭優勢。該行認為前期投入的資源有助確保包裹量穩健增長,並在中期推動盈利增長;但可能進一步壓縮盈利能力,並導致2025年下半年盈利增長暫停。 匯豐研究指,由於短期逆風因素及成本表現能見度減弱,將順豐控股A股/H股評級由「買入」下調至「持有」,A股目標價由56元人民幣降至45.2元人民幣,H股目標價由61.6港元降至42.1港元。
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