《大行》美銀證券：內地快遞行業乏短期催化劑順豐(06936.HK)京東物流(02618.HK)具良好切入點

阿斯達克財經

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美銀證券研究報告指出，內地快遞公司第二季業績好壞參半，通達系(中通-W(02057.HK) 、圓通(600233.SH) 、韻達(002120.SZ) 及申通(002468.SZ) 的統稱)核心利潤平均下降29%，因價格競爭激烈。京東物流(02618.HK) 、順豐(06936.HK) 報告核心利潤按年溫和增長3%至5%。亮點包括東南亞快遞業務的穩健包裹量(極兔-W(01519.HK) 第二季東南亞包裹量按年激增66%)及中國按需物流(順豐同城(09699.HK) 上半年收入增長49%)。

美銀證券表示，隨着中國反內卷價格上調效應已發揮，認爲快遞行業短期內缺乏正面催化劑；認爲“買入”評級的順豐及京東物流具備特別好的切入點，因第三季盈利預期已重設；維持申通(估值過高)及韻達(執行力弱)的“跑輸大市”評級，並調整行業所覆蓋股份的目標價及盈測(具體對物流公司的評級及目標價見另表)。(hc/da)(港股報價延遲最少十五分鐘。沽空資料截至 2025-09-09 12:25。) (A股報價延遲最少十五分鐘。)

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