金吾财讯 | 交银国际维持达达集团(DADA)2024年4季度收入预期同比下降13%，其中，上调达达快送收入5%，得益于KA业务覆盖品类拓展、精细化运营以及履约质效优化等因素，与行业趋势一致；下调京东秒送收入10%，因业务调整下广告收入下滑及免运门槛降低后履约服务收入下降，维持调整后净亏损/亏损率预期3.1亿元/13%。该行基本维持2024/25年全年收入和利润预期，京东秒送业务短期战略仍以提升用户心智，拉动单量和复购率为主，收入增长仍需时间。对应2025年0.25倍市销率，维持目标价1.4美元和中性评级。
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