《大行報告》瑞信首予京東(09618.HK)「跑贏大市」評級 料次季收入升30%
瑞信發表研究報告,首次給予京東(09618.HK)「跑贏大市」評級,預期京東今年第二季度自營直銷(1P)與開放式平台(3P)銷售收入將分別增長29%及40%,從而推動收入增長30%。
該行預期,快速消費品、電子產品及大型家用電器等類別將貢獻最多,令次季非通用會計準則的經營溢利率可按年提升0.5個百分點至2.2%。瑞信指,京東的全渠道策略成功將三至五線城市的客戶覆蓋率提高,用戶涵蓋城市各個階層及年齡段,令快速消費品、新鮮食品、家用產品及醫療保健等產品銷售表現都持續較大市優勝。
報告引述數據指,今年6月底止月活躍用戶按季增長5,600萬名,較過去幾個季度增幅有所提升,預計用戶數量將繼續強勁增長,至2021年年底將達到5億名。瑞信預計京東可維持市場領先地位,用戶增長潛力較同行好,維持美國存託憑證(ADR)目標價75.50美元,並首次給予H股目標價292.6元。
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