【花旗：降京东物流目标价至18港元 投资增加可能拖累利润率】金十数据1月6日讯，花旗发表报告指，京东物流(02618.HK)可能会在三月初公布去年第四季业绩，预期营业额和经调整盈利大致符合市场预期。但由于有更多投资以扩大市场占有率、奖励销售人员及改善产能，即使是旺季下，去年第四季净利润率仍可能会按季收缩，并低于该行先前的进取假设，但由于以旧换新计划有利于第一方整合供应链业务，营业额仍可维持增长。展望今年，花旗认为第一方整合供应链业务可能会成为京东物流主要的增长动力，归功于持续的以旧换新计划和渗透淘宝及天猫平台。该行下调京东物流2024至2026年盈利预测各6%、4%及2%，以反映公司高于预期的投资。该行将京东物流目标价由19港元小幅下调至18港元，维持“买入”评级，原因是估值不高，且第一方整合供应链业务具良好的动力。
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