《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
Mar 21, 2025

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...

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