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《大行報告》大摩上調中通快遞(ZTO.US)目標價至35.6美元 評級「增持」
摩根士丹利發表研究報告指,中國重新開放,為快遞行業帶來健康增長前景,其中將中通快遞(02057.HK)(ZTO.US)列為首選股份,重申「增持」評級,預期中通的增長將繼續受到市場份額提升及單位利潤增長的支持。 報告補充,現時對中國重新開放後的行業增長看法更加樂觀,考慮到消費需求前景改善、成本及效率的提高、定價能力增強等,將行業增長預測由10%提升至12%,同時預期今明兩年行業將進一步整合,其中圓通(600233.SH)及中通將更佔優。 該行預計中通去年第四季運送包裹量將按年增長3.9%,市場份額按年提升1.4個百分點至21.6%,季度非通用會計準則下淨利潤料增長20%至21億元人民幣,而單位利潤將提升至0.32元人民幣。 大摩將中通2022至2024年盈利預測下調2.4%、4.5%和4.8%,以反映疫情因素及農曆新年後定價正常化的影響,美股目標價則由30.5美元上調至35.6美元,重申「增持」評級。(gc/s) ~
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