智通财经APP获悉，交银国际发布研报称，基本维持顺丰同城(09699)此前收入增长预测，预计2025/26年全年增速23%及21%，主要受到同城配送需求和单量的拉动。受规模效应，该行预计2025/26年利润率持续优化，管理层预计2027年利润率将达到至少2%，逐渐接近行业3-5%常态水平。维持目标价13.5港元及“买入”评级。
报告指，2024年下半年收入同比增34%，高于该行预期的30%，其中同城及最后一公里配送分别增27%及43%，超预期主要来自最后一公里配送业务，场景拓展包括电商收派件、半日达等以及与顺丰集团生态协同持续推进拉动收入加速增长。调整后净利润同比大幅增长289%至7900万元人民币，对应净利率1%，高于该行此前预期的6500万元人民币。
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