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《大行报告》大和:京东(09618.HK)活跃用户增长强劲 评级「买入」
阿思达克 11-17 10:00
大和发表的研究报告指,京东(09618.HK)第三季业绩表现稳固,期内收入按年增长29%好过预期,而按非通用会计准则(Non-GAAP)计算经营溢利按年增长7%至52.7亿元人民币,亦好过该行预期。

该行指出虽然第三季度季节性上较弱,但京东用户增长仍然强劲,反映势头在未来一至两季应可维持,留意到「双11」京东的商品交易额(GMV)按年增长33%,增速亦较去年及前年有所加快,考虑相关因素及公司的再投资策略,相信公司收入增长势头在未来数季应可持续。

另外京东在一般商品方面表现亦稳健,印证了公司在线上日用品领域上的领导地位,估计京东超市短期有助获客,长远则有助增加用户平均GMV,虽然快消品比例增加会增加每张订单的成本,并拖累利润表现,但估计随着规模扩张,相关的亏损将逐步收窄,而京东在零售经营方面的利润亦有空间改善,予其H股「买入」评级。

虽然该行估计公司在第四季将再投资,但认为对中期收入增长而言属正面消息,因为订单增加有助更好利用京东零售的营运能力,并改善京东物流的利润表现,相关因素料有助减低负面影响。

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