《大行报告》花旗下调京东物流(02618.HK)目标价至19元 评级「买入」
花旗发表报告指,京东物流(02618.HK)上季销售收入符合该行预期,并比市场预期高出1%,经调整纯利高过市场预期,但低过该行预测。展望今年首季,除新冠感染个案和消费疲软外,第一方综合供应链收入亦可能受到京东百亿补贴而进行的存货单位调整影响,第三方综合供应链收则可能受到客户优化的影响。
该行预计,随著业务正常化,整体业务势头将从第二季度开始适度恢复,而由于京喜的影响减少,第一方综合供应链收入增长亦可能改善。因此将今明两年的净利润率预测由之前的1.3%和2%分别下调至1.1%和1.9%,并将目标价由23元下调至19元。评级「买入」。
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