《大行報告》美銀證券首予順豐同城(09699.HK)「買入」評級 目標價18元
美銀證券發表研究報告指出,首予順豐同城(09699.HK)「買入」評級,目標價18元,按現金流折現率作估值,指公司是中國最大的獨立第三方配送平台,根據iResearch數據,順豐同城於2020年3月至2021年3月期間,市佔率約11%。此外,公司廣泛覆蓋成熟的子市場如外賣,以及具有高增長潛力的子市場如本地零售、電子商務和服務。
該行認為,順豐同城透過外包騎手(截至2021年5月底止年度有53.7萬名活躍騎手),以其獨特價值去迎合關鍵客戶、中小企業和個人,預測公司於2020至2023財年訂單量的年均複合增長率達58%,比整體市場增長高27個百分點。
美銀證券指出,作為擁有「順豐」品牌的可擴展開放平台,順豐同城可捕捉非食品領域的巨大增長潛力。該行預測順豐同城於2020至2023財年實現收入年均複合增長率55%,同時由於規模經濟,順豐同城每張訂單的騎手成本下降,估計其2020財年毛利率由-3.9%,至2023財年轉至5.5%。
該行料順豐同城2022年經調整虧損5.03億人民幣,料其2023年錄經調整純利3,200萬人民幣。
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