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《大行》交銀國際升順豐同城(09699.HK)目標價至15.4元 多元佈局下盈利持續釋放
交銀國際發表報告指出,順豐同城(09699.HK)上半年收入增長速度顯著勝於預期,加上第三季的即時配送業務需求按季提速,多元佈局下盈利持續釋放。該行上調公司2025至27年的收入預測14%、12%及12%,至220億至304億元人民幣,按年分別增長40%、20%及15%。同時,受公司單量密度提升、優質的騎手管理能力,及AI加持下,營運費率持續改善,因此調升公司2025至27年的利潤預測26%、23%和27%,至3.4億至7.6億元人民幣,Non-IFRS淨利潤率分別為1.5%、2%及2.6%。 該行認為,順豐同城仍然是外賣補貼戰的受益方之一,在未來補貼回歸理性,業務空間仍大,考慮到長期其與順豐的業務協同持續加深,無人車配送規模化落地持續降低成本,維持公司「買入」評級,又將估值滾動至明年,對應0.5倍市銷率,調高目標價至15.4元。
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