智通财经APP获悉，大和发布研报称，下调中国外运(00598)2025至2026年的每股盈测17%至18%，将其评级由“跑赢大市”下调至“跑输大市”，目标价由4.15港元降至3.5港元。公司管理层对前景相对悲观。集团自去第四季起改善客户组合，拖累其涉及电商相关业务，但由于中国客户对海外物流需求上升，集团仍计划提升海外物流网络。
该行预期，中国外运的海运及空运货运量将同比增长中个位数百分比，而铁路货运量的同比增长率则为低双位数。然而，集团的运费将下降低双位数，导致货运代理收入下降。此外，由于航空货运需求的不确定性，预期集团今年的投资收入将同比下降。另一方面，该行对物流业务持相对正面的看法，并预期在经济复苏的支持下，其收入于将录得中个位数的同比增长。该行预期集团今年盈利将下降中个位数。
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