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《大行》摩通降順豐(06936.HK)目標價至40元 若營運改善仍有追落後空間
摩根大通研究報告指,順豐控股(06936.HK)首季業績略勝預期,延續了去年第四季的溫和增長勢頭,並在高基數及宏觀不確定性下,進一步強化了產品組合與毛利率修復的趨勢。該行認為,市場對業績反應平淡,主要因公司策略轉向後,投資者情緒仍傾向由證據驅動,而旗下KLN(00636.HK)及國際供應鏈業務的盈利仍未清晰。目前順豐H股及順豐(002352.SZ)A股年初至...
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《大行》摩通降順豐(06936.HK)目標價至40元 若營運改善仍有追落後空間
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摩根大通研究報告指,順豐控股(06936.HK)  -0.560 (-1.603%)    Short selling $5.30M; Ratio 7.247%   首季業績略勝預期,延續了去年第四季的溫和增長勢頭,並在高基數及宏觀不確定性下,進一步強化了產品組合與毛利率修復的趨勢。

該行認為,市場對業績反應平淡,主要因公司策略轉向後,投資者情緒仍傾向由證據驅動,而旗下KLN(00636.HK)  -0.020 (-0.303%)    Short selling $1.59M; Ratio 20.637%   及國際供應鏈業務的盈利仍未清晰。目前順豐H股及順豐(002352.SZ)  -0.300 (-0.812%)   A股年初至今分別升4%及跌3%,若第二至三季營運持續改善,加上國際市場前景變得更加明朗,股價將有追趕空間。

該行將2026至2028年預測平均下調約4%,H股目標價由47港元降至40港元,A股目標價由50元人民幣降至42元人民幣,維持「增持」評級。(ss/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.) (A Shares quote is delayed for at least 15 mins.)

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