大行評級 | 美銀證券:首予順豐同城(9699.HK)買入評級 目標價18港元
格隆匯1月18日丨美銀證券發研報指,首予順豐同城(9699.HK) “買入”評級,目標價18港元,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。該行認為,公司透過外包騎手(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户、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。該行指出,作為擁有“順豐”品牌的可擴展開放平台,公司可捕捉非食品領域的巨大增長潛力。該行預測公司於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,公司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%。該股現報12.62港元,總市值118億港元。

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