华泰证券发表京东物流(02618.HK) 报告，基于公司短期资源投入导致成本上升，下调对公司今年利润率假设，并相应下调对公司今年纯利及非国际财务报告准则盈利预测各3%。对京东物流目标价由17.8元下调至16.7元，目标预测市盈率14.8倍，维持“买入”评级。
该行表示，京东物流加大物流基建及人员投入，短期导致成本增幅高于收入增幅，首季毛利率及非国际财务报告准则利润率为7.2%及1.6%，分别按年跌0.5个百分点及升3点子。毛利率按年下滑主因公司加大资源投入，产能利用率处上升期，预计随着业务量增加释放规模效应，第二季毛利率及非国际财务报告准则利润率将按季上升。(fc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-14 12:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.