交银国际发布研报称，上调顺丰同城（09699）目标价至15.4港元，维持“买入”评级。该行认为顺丰同城仍是外送补贴战的受益方之一，未来补贴回归理性，业务空间仍大，考虑到长期其与顺丰的业务协同持续加深，无人车配送规模化落地持续降低成本。
基于显著优于预期的上半年营收成长速度，第3季度环比加速提升的即时配送业务需求，交银国际调顺丰同城2025-2027年收入14%/12%/12%，至220-304亿元人民币，年增40%/20%/15%，同时受到公司单量密度提升、优质的骑手部管理能力，AI加持下，营运费率的持续优化，该行上调2025-2027年利润预测26%/23%/27%，至3.4-7.6亿元人民币，Non-IFRS净利润率分别1.5%/2%/2.6%。
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