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《大行》美銀證券:內地快遞行業乏短期催化劑 順豐(06936.HK)京東物流(02618.HK)具良好切入點
美銀證券研究報告指出,內地快遞公司第二季業績好壞參半,通達系(中通-W(02057.HK)、圓通(600233.SH)、韻達(002120.SZ)及申通(002468.SZ)的統稱)核心利潤平均下降29%,因價格競爭激烈。京東物流(02618.HK)、順豐(06936.HK)報告核心利潤按年溫和增長3%至5%。亮點包括東南亞快遞業務的穩健包裹量(極兔-W(01519.HK)第二季東南亞包裹量按年激增66%)及中國按需物流(順豐同城(09699.HK)上半年收入增長49%)。 美銀證券表示,隨著中國反內捲價格上調效應已發揮,認為快遞行業短期內缺乏正面催化劑;認為「買入」評級的順豐及京東物流具備特別好的切入點,因第三季盈利預期已重設;維持申通(估值過高)及韻達(執行力弱)的「跑輸大市」評級,並調整行業所覆蓋股份的目標價及盈測(具體對物流公司的評級及目標價見另表)。
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