金吾财讯 | 野村报告指出，京东物流(02618)第二季总收入同比增长16.6%，高于野村预期，主要由于内部和外部综合供应链（ISC）收入增长，抵消了其他客户收入的下降。季内，京东物流经调整经营利润率同比降1.1个百分点至3.8%，野村认为，这主要受到毛利率收窄的拖累。这亦是由于对末端配送和仓库运营人员、卡车及航空资源的前置投资所致，毛利率约低于该行预测低0.7个百分点。野村指出，受惠于非经营性收入的增加，集团经调整净利润同比增长5.4%至26亿元人民币，分别高于市场一致预期和该行预测1%。野村表示，集团今年第二季业绩超预期，但第三季指引表现不一。维持目标价15.3港元及“买入”评级。
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