《大行》野村:京東物流(02618.HK)次季業績勝預期 目標價15.3元
野村研究報告指出,京東物流(02618.HK)今年次季業績勝預期,總收入按年增長16.6%,分別較市場及該行預期高出4%與3%,主要受惠於綜合供應鏈(ISC)收入增加。其非國際財務報告準則(non-IFRS)經營利潤率按年下降1.1個百分點至3.8%,低於該行預估約0.7個百分點,主要受到毛利率收窄(按年下降1.3個百分點)的拖累。
該行引述京東物流預期,公司第三季收入指引增長20%,高於市場預期的15.6%,主要由於外賣業務對京東(09618.HK)的收入貢獻增長。然而,管理層認為其non-IFRS淨利潤可能按年至略低於20億元人民幣,較市場預期的25億元人民幣低約21%。管理層對第四季淨利潤的增長恢復持樂觀態度,部分原因是基數正常化,因此將全年淨利潤增長指引保持不變,預計2025財年將實現5%的增長。
野村維持京東物流「買入」評級,目標價15.3元,相對於2025年預測市盈率12倍。
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