《大行》麦格理:中通(ZTO.US)以提升市占率为首要任务将拖累利润率 盈测下调3%

阿斯达克财经
21 Mar

麦格理发表研报指,中通快递(02057.HK) (ZTO.US)  去年第四季业绩表现胜预期,收入增长主要来自于每件快递平均收入(ASP)大幅上升所推动,但管理层表明今年会重新将提升市场份额作为首要任务,估计可能变相会牺牲利润空间,目前预测中通2025年包裹处理量可按年增长24%,但ASP和单位经营利润都将下跌,拖累今年经调整净利润率降至20.1%。

因此麦格理上调收中通入预测,同时将今明两年盈利预测均下调3%,美股目标价降5%至19.5美元,评级“中性”。(gc/a)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-20 16:25。) (美股为即时串流报价; OTC市场股票除外,资料延迟最少15分钟。)

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