【券商聚焦】申万宏源维持顺丰同城(09699)“增持“评级 指公司未来盈利能力有望持续改善

金吾财讯
09 Jan

金吾财讯 | 申万宏源发研报指,该行预计24H2顺丰同城(09699)营业收入为76.83亿元,归母净利润为0.66亿元。结合公司上半年经营情况,该行上调盈利预测,预计24E-26E公司归母净利润分别为1.28/2.56/4.61亿元(原预测为1.03/2.23/3.83亿元)。该行表示,24年公司继续强化KA客户优势,帮助品牌商家扩张门店和配送范围,通过运营模式优化帮助商家实现履约侧的降本增效,24H1公司新增合作门店超过6000家,扩张趋势在24年下半年延续,同时截至24H1顺丰同城平台活跃商家规模达到55万,其中KA客户增长势头强劲,新签订单收入实现高双位数增长,KA客户的不断扩张有望带动公司收入端增长。此外,随着公司运力池的扩大、全场景订单的高增,公司订单密度持续增长,单位骑手可配送的订单数量有望进一步增加,随着规模效应的释放,公司未来盈利能力有望持续改善。该行续指,公司上半年经营情况超预期,收入端保持20%以上的增速,成本端随着规模效应的释放持续优化,该行上调盈利预测,预计24E-26E公司归母净利润分别为1.28/2.56/4.61亿元(原预测为1.03/2.23/3.83亿元),同比增长分别为171.01%/99.97%/80.03%,对应当前PE倍数58x/29x/16x。维持“增持“评级。

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