里昂发表报告，指京东物流(02618.HK) 首季销售按年升11%，非国际财务汇报准则(non-IFRS)计纯利按年升13%，净利润率按年持平于1.6%，大致符该行预期。为扩大服务产能，特别是定时速递服务，公司投入更多资源在物流网络，但由于起始利用率较低，将影响短期盈利能力。
报告料其盈利增长将于今年末季起重新加快，料其投资在中至长期而言可带来更可持续增长。降2025至2027年盈测介乎1%至2%，以反映增强物流网络的前期投资，并降估值基础，目标市盈率由13倍降至12倍，并延展至2026年，目标价由17.9元降至15.7元，以反映短期盈利增长受压，但维持“跑赢大市”评级，因该行喜好其中长期盈利能力改善的可能性。(da/a)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-13 16:25。)
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