《大行报告》大摩:京东(09618.HK)季绩胜预期 惟本季指引保守 添不明朗因素
京东(09618.HK)昨晚公布今年第三季业绩胜市场预期,但券商指公司管理层对第四季指引保守,添不明朗因素,京东美股股价挫7.4%收85.26美元(约661.04港元)。据京东招股书公司每一股美国存托股代表2股A类普通股,若按1比2比例推算,即可折约330.52港元,较京东港股昨收市价368港元低出37.48港元或10.2%。
摩根士丹利发表报告表示,京东公布今年第三季非通用会计准则纯利56亿人民币,优於该行原预期43亿人民币,非通用会计准则净利润率按年升90个基点至3.2%,主要受益於营运杠杆及一次性约7亿人民币政府补助,期内净收入按年升29%,高於该行原预期3%,受惠於快速消费品(FMCG)线上销售的结构性增长、新业务的良好增长。
该行指,虽然京东第三季度业绩强劲,但京东对今年第四季度收入增长和利润率的保守看法,相信会增加市场对其添不明朗因素关注,但该行认京东的长期增长前景保持不变。保持「增持」评级及美股目标价92美元,相当预测2022年非通用会计准则市盈率26.8倍,上调对其今年非通用会计准则纯利预测4%至167亿人民币。
大摩指,虽然京东管理层指今季以来营运收入增长强劲,受惠推出了新的智能手机型号、对在线食品杂货类的需求、及在「双十一」促销期间期间的GMV强劲增长(按年增长33%),但管理层指仍要正等待观察11月底和12月的消费需求如何影响第四季整体收入增长,指管理层本季指引保守。此外,为了捕捉对在线新鲜食品杂货的强劲需求,京东计划在第四季度及以後继续对该类别(包括基础设施)进行投资,这可能会导致京东的近期利润率波动。(wl/k)
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