京东物流开放创新、稳健成长的一体化供应链龙头

西部证券
30 Jun

摘要内容【核心结论】首次覆盖,给予“买入”评级。我们给予公司2025年14.5倍PE,对应目标价14.73元(16.14港元)。【报告亮点】我们认为:公司的营收及业绩将呈现增长趋势。1)受益于国补政策,京东集团GMV及收入增长可观,京东物流将受益;2)京东物流开始招募全职骑手,协助京东集团子公司“京东外卖”的配送服务,或将提升末端履约环节的协同效应。3)一体化供应链业务壁垒高、较高的转换成本使客户...

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