一文综合券商於京东(09618.HK)公布业绩後最新观点、评级及目标价
京东集团(09618.HK)今年中期业绩胜市场预期，今早股价抽上6.8%，盘中曾升8.6%一度高见263.4元，该公司昨日(17日)收市後公布今年中期业绩，期内收入按年升28%至3,472.59亿元人民币，经营利润增111%至73.64亿元人民币，纯利升121%至175.19亿元人民币，每股盈利5.95元人民币；按非公认会计准则，中期纯利按年升30%至88.83亿元人民币，超出本网早前综合11间券商预测上限73.2亿元人民币，每股盈利3.02元人民币。
单计第二季，京东集团收入按年升34%至2,011亿元人民币，其中日用百货商品销售收入及服务收入分别为640亿及229亿元人民币，按年分别升45%及36%。纯利按年升25.6倍至164.47亿元人民币，每股盈利5.55元人民币。按非公认会计准则，第二季纯利按年升66%至59.11亿元人民币，超出本网早前综合11间券商预测上限43.48亿元人民币，每股盈利2元人民币。截至6月底，年度活跃用户数按年增加29.9%至4.174亿。2020年6月手机每日活跃用户按年增长40%。
【中期业绩胜预期 高盛纳「确信买入」】
高盛发表报告，重申京东集团「买入」评级并决定将该股加入其「确信买入」名单，上调对其目标价由283元升至329元。该行指出，内地网上零售扩张由非必须类转向必须类货品，由传统的电子产品及电器销售主导，转向必须品及一般产品，预期京东今年至2022年收入增长率介乎20%至26%。该行亦预期在采购规模领先下，京东集团今年至2022年非通用会计准则净利润率将由2.2%提升至2.8%。该行亦表示，京东集团过去一年半股价已升逾两倍，第二季业绩强劲将有助维持股价上涨趋势。
花旗指出，京东集团管理层预期今年下半年业务增长率与上半年相若，又指现季度销售将因早前「618」促销活动破纪录下受季节性影响，但鲜活产品网上需求结构性改变持续，年度活跃用户急增下，用户在平台上参与度强烈。花旗相信有关情况将支持公司下半年的增长动力。该行调整对京东集团的业绩预测，上调今年至2022年收入增长预测2.1%至4.4%，与及同期非通用会计准则纯利2.2%至2.8%，决定对京东美股目标价，由78美元上调至81美元。
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本网综合2间券商对京东港股的投资评级及目标价：
券商│投资评级│目标价(港元)
高盛│买入->买入(新纳「确信买入」名单)│283->329元
杰富瑞│增持│284元->304元
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本网最新综合7间券商京东美股(JD.US)的投资评级及目标价：
投资评级│目标价(美股ADR)│目标价(美元)
高盛│买入->买入(新纳「确信买入」名单)│73美元->85美元
麦格理│中性->跑赢大市│66美元->82美元
花旗│买入│78美元->81美元
杰富瑞│增持│73美元->78美元
摩根大通│增持│77美元
瑞银│买入│67美元
摩根士丹利│增持│64美元
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券商│观点
高盛│成为电子产品、超市用品及医药零售领导者
麦格理│全渠道策略带来用户及利润增长
花旗│加速网上化及稳固执行力，推动增长
杰富瑞│强劲执行力推动业绩
摩根大通│预期市场对业绩反应正面
瑞银│收入及盈利增显着胜预期
摩根士丹利│次季收入强劲增长
(fc/w)
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