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《大行報告》高盛:京東(09618.HK)季績勝預期 評級「買入」上望346元
阿思達克 11-17 10:00
高盛發表的研究報告指,京東(09618.HK)第三季業績穩固,收入及純利均勝預期,期內收入按年增長29%高於該行及市場預期,主要受惠用戶按年增長32%強過預期,而按非通用會計準則(Non-GAAP)計算,淨利56億元人民幣,意味淨利潤率3.2%,遠高於該行及市場預期,而毛利率15.4%亦好過該行預期。

在業績電話會議上,管理層指出第四季投資將較高,趨勢與去年類似,考慮到首三季盈利表現強勁,將重申對淨利潤率擴張的承諾。展望將來公司將繼續投資於快速增長領域包括超市、物流基建及改善用戶參與及體驗等。

在雙11方面,公司銷售按年增長33%,表現甚至好於「618」,主要受惠消費者信心復甦,以及商戶供應能力回復,而第四季管理層料公司可完成全年盈利及利潤率的目標,該行予京東H股「買入」評級,並列入「確信買入」名單,目標價346元。

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