一文綜合券商於京東(09618.HK)公布業績後最新觀點、評級及目標價
京東集團(09618.HK)今年中期業績勝市場預期，今早股價抽上6.8%，盤中曾升8.6%一度高見263.4元，該公司昨日(17日)收市後公布今年中期業績，期內收入按年升28%至3,472.59億元人民幣，經營利潤增111%至73.64億元人民幣，純利升121%至175.19億元人民幣，每股盈利5.95元人民幣；按非公認會計準則，中期純利按年升30%至88.83億元人民幣，超出本網早前綜合11間券商預測上限73.2億元人民幣，每股盈利3.02元人民幣。
單計第二季，京東集團收入按年升34%至2,011億元人民幣，其中日用百貨商品銷售收入及服務收入分別為640億及229億元人民幣，按年分別升45%及36%。純利按年升25.6倍至164.47億元人民幣，每股盈利5.55元人民幣。按非公認會計準則，第二季純利按年升66%至59.11億元人民幣，超出本網早前綜合11間券商預測上限43.48億元人民幣，每股盈利2元人民幣。截至6月底，年度活躍用戶數按年增加29.9%至4.174億。2020年6月手機每日活躍用戶按年增長40%。
【中期業績勝預期 高盛納「確信買入」】
高盛發表報告，重申京東集團「買入」評級並決定將該股加入其「確信買入」名單，上調對其目標價由283元升至329元。該行指出，內地網上零售擴張由非必須類轉向必須類貨品，由傳統的電子產品及電器銷售主導，轉向必須品及一般產品，預期京東今年至2022年收入增長率介乎20%至26%。該行亦預期在採購規模領先下，京東集團今年至2022年非通用會計準則淨利潤率將由2.2%提升至2.8%。該行亦表示，京東集團過去一年半股價已升逾兩倍，第二季業績強勁將有助維持股價上漲趨勢。
花旗指出，京東集團管理層預期今年下半年業務增長率與上半年相若，又指現季度銷售將因早前「618」促銷活動破紀錄下受季節性影響，但鮮活產品網上需求結構性改變持續，年度活躍用戶急增下，用戶在平台上參與度強烈。花旗相信有關情況將支持公司下半年的增長動力。該行調整對京東集團的業績預測，上調今年至2022年收入增長預測2.1%至4.4%，與及同期非通用會計準則純利2.2%至2.8%，決定對京東美股目標價，由78美元上調至81美元。
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本網綜合2間券商對京東港股的投資評級及目標價：
券商│投資評級│目標價(港元)
高盛│買入->買入(新納「確信買入」名單)│283->329元
傑富瑞│增持│284元->304元
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本網最新綜合7間券商京東美股(JD.US)的投資評級及目標價：
投資評級│目標價(美股ADR)│目標價(美元)
高盛│買入->買入(新納「確信買入」名單)│73美元->85美元
麥格理│中性->跑贏大市│66美元->82美元
花旗│買入│78美元->81美元
傑富瑞│增持│73美元->78美元
摩根大通│增持│77美元
瑞銀│買入│67美元
摩根士丹利│增持│64美元
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券商│觀點
高盛│成為電子產品、超市用品及醫藥零售領導者
麥格理│全渠道策略帶來用戶及利潤增長
花旗│加速網上化及穩固執行力，推動增長
傑富瑞│強勁執行力推動業績
摩根大通│預期市場對業績反應正面
瑞銀│收入及盈利增顯著勝預期
摩根士丹利│次季收入強勁增長
(fc/w)
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