【券商聚焦】华泰证券维持顺丰同城(09699)“买入” 指其“入通”有望提升股票流动性

金吾财讯
16 Sep 2024

金吾财讯 | 华泰证券发研报指,顺丰同城(09699)今年以来,顺丰同城实现规模快速增长与净利率同步改善,该行认为主要因为:1)非餐场景渗透率提升,促进即时配送需求增长;2)公司积极拓展下沉市场;3)规模与网络效应显现,叠加科技驱动多场景融合,推动单位成本下降。公司于9/9加入恒生综合指数,并且于9/10纳入港股通,股票流动性有望提升。今年7月起,顺丰同城以“SoFast”品牌登陆香港即时配送市场,运营初期成本或增加,该行将2024/25/26年净利调整至1.6/3.4/4.6亿元(前值:1.88/3.36/4.60亿元)。该行基于分部PS估值测算的目标价为13.2港币(与前值相同),同城/最后一公里配送仍基于0.84/0.6x2024EPS,在可比公司中位数上给予20/0%溢价以反映公司增长与盈利能力优势。公司积极实施回购,1-7月回购金额约1.53亿港元。维持“买入”评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10