华兴证券发表研究报告指，京东物流(02618.HK) 去年收入按年增长9.7%，达到管理层的高个位数百分比增长指引的高位。经调整净利润按年增长187%，经调整净利润率为4.3%，高于管理层初始的3%至4%利润率指引。以上强劲业绩主要受惠毛利率提升，而毛利率增长受惠于经营杠杆、持续自动化和效率提升。
该行指，京东物流管理层预计今年收入呈低双位数按年增长、经调整净利润呈中个位数按年增长，意味着利润率的下滑。公司的保守指引明显拉低市场预期。该行将其目标价由22.9元上调至23.28元，重申“买入”评级。(ca/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-12 16:25。)
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