核心观点：公司25Q2 收入明显加速，高频外卖引流带动主站与物流业务均提速，但利润受外卖补贴拖累明显不及预期。Q3 随行业竞争极速加剧（阿里进入），公司开始减小外卖补贴力度，我们判断如下：尽管25 年公司外卖亏损幅度上修，但预计因阿里加入，京东外卖补贴力度及持续时间将缩短。因此逻辑，我们对应上调26-27 年利润并上调目标价至186.37 港元，维持“买入”评级。电商物流业务增速季度性持续提速，...
Source Link核心观点：公司25Q2 收入明显加速，高频外卖引流带动主站与物流业务均提速，但利润受外卖补贴拖累明显不及预期。Q3 随行业竞争极速加剧（阿里进入），公司开始减小外卖补贴力度，我们判断如下：尽管25 年公司外卖亏损幅度上修，但预计因阿里加入，京东外卖补贴力度及持续时间将缩短。因此逻辑，我们对应上调26-27 年利润并上调目标价至186.37 港元，维持“买入”评级。电商物流业务增速季度性持续提速，...
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