《大行報告》花旗下調京東物流(02618.HK)目標價至19元 評級「買入」
花旗發表報告指,京東物流(02618.HK)上季銷售收入符合該行預期,並比市場預期高出1%,經調整純利高過市場預期,但低過該行預測。展望今年首季,除新冠感染個案和消費疲軟外,第一方綜合供應鏈收入亦可能受到京東百億補貼而進行的存貨單位調整影響,第三方綜合供應鏈收則可能受到客戶優化的影響。
該行預計,隨著業務正常化,整體業務勢頭將從第二季度開始適度恢復,而由於京喜的影響減少,第一方綜合供應鏈收入增長亦可能改善。因此將今明兩年的淨利潤率預測由之前的1.3%和2%分別下調至1.1%和1.9%,並將目標價由23元下調至19元。評級「買入」。
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