You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
盤中創出歷史新高!京東集團-SW(9618.HK)近期受大行唱多,為什麼?
格隆匯 01-20 15:18

1月20日,港股市場繼續沸騰,其中,京東集團-SW在國指成份股中漲幅靠前,盤中創出歷史新高,達到369.40港元,目前漲3.75%,最新總市值為11442.5億港元。

數據來源:富途牛牛

同時,京東在美股的表現也較為積極,上一年累計漲幅近150%。

整體來看,京東集團憑藉其在電子、電器、超級市場及製藥領域的零售規模具備一定的領先優勢,或將通過其部倉庫和供應鏈功能優勢,以及業務間的協同效應,繼續釋放規模效應,擴容自己的發展空間。

回顧其最新釋出的業績,可以發現,整體表現超出市場預期。2020年第三季度公司收入為1742億元,同比增長29.2%,公司Non-GAAP淨利潤為55.6億元,淨利率為3.2%。

其中,公司自營、第三方平台、物流及其他業務收入分別同比增長27.4%、24.3%以及73.3%。

京東季度營收及增速圖

數據來源:同花順

為了給業績帶來新的增長點,京東需要加強對來自下沉市場的新增活躍用户和交易額的把控。於是,它通過投資、自營等多種形式去加強對下沉市場的投入,目前來看,用户及訂單量增長較為可觀。

除去主站之外,京東主要通過社交電商京喜以及京東極速版,涵蓋工廠直供、產地溯源、出口轉內銷等板塊,以開拓低線城市市場。

就業務發展來説,得益於京東旗下的社區團購平台“京喜拼拼”,通過微信一級入口作為主要載體,疊加與快手合作的深入聯動,公司在非帶電品類以及低線市場的劣勢得到彌補。2019Q4-2020Q3年活躍用户季度環比淨增分別為28/25/30/24百萬(VS阿里AAC季度淨增分別為18/15/16/16),年活躍用户季度增速依舊強勁,其中,2020Q3同比增長32.1%,有80%的用户來自下沉市場。

京東年活躍用户數及增速

數據來源:同花順

同時,京東集團於去年12月已簽訂了正式的優先股購買協議,將通過子公司向社區團購平台Xingsheng Preference Electronic Business Limited(“興盛”)投資約7億美元。

在後疫情時期,“宅經濟”風靡世界,進而也帶動了社區團購迅速發展,入股興盛優選在一定程度上也是京東的戰略重點,畢竟在這次合作之下,利於雙方在日趨激烈的社區團購市場競爭中取得優勢。

而對京東而言,上述業務的擴容都將利於其進一步完善對下沉市場的佈局,為公司零售業務的發展打開新的增量空間,進而為其盈利能力的兑現帶來上行能力。

近期大行對其都表示一定的唱多態度。其中,高盛表示,將京東集團目標價由393港元上調13.2%至445港元,重申其“確信買入”名單。

傑富瑞表示,重申對京東集團-SW的“買入”投資評級及港股目標價426港元。該行估計,京東2020年第四季收入將同比升27%至2170億元人民幣,預計非通用會計準則淨利潤錄15億元,估計非通用會計準則淨利潤率0.7%。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account