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《大行報告》中金首予順豐同城(09699.HK)「跑贏行業」評級 目標價18.09元
阿思達克 01-21 14:49
中金發表研究報告,首予順豐同城(09699.HK)「跑贏行業」評級,目標價18.09元,對應今年預測市銷率1.15倍。目前公司估值對應今年預測市銷率僅0.77倍。 報告稱,新消費崛起,據艾瑞諮詢數據,行業單量將從2020年210億單增至2025年795億單,對應複合增速31%。第三方即時配送有望實現高於行業的增長,訂單量由2016年5億單增至2020年30億單,2025年將增至163億單,對應複合增速40%,高於行業10個百分點。 作為三方即配龍頭,順豐同城有望不斷獲得份額。高價值服務提高客單,精細化運營降本提效可期。公司毛利率由2020年負3.9%改善至2021年正0.1%,該行預計淨利潤率於2023年轉正。報告預計2021至2023年各年經調整每股預測分別虧損88分、虧損46分,以及淨利9分。
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