大行評級|摩根大通:維持京東物流“增持”評級 有望受益於以舊換新政策對家電銷售的刺激
摩根大通發表報吿指,維持對京東物流的“增持”評級及目標價20港元。該行指,公司在電商平台及快遞平台供應商的激烈競爭下,受惠於業務模型調整及經營槓桿增益,顯示了自其2021年5月上市以來基本面改善及利潤擴張。該行料,京東物流第三季收入按年增長6%至440億元,純利按年升30%至11億元,意味着淨利潤率為2.5% ,按年增長0.5個百分點。該行認為,京東物流有望受益於內地以舊換新政策對家電銷售的刺激。該行團隊預計,京東將是所有電商平台中受益最大的,因為京東在符合條件的地區擁有最大的市場曝光率。而淘寶天貓的整合將為京東物流的快遞包裹業務帶來增長潛力。
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