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《大行报告》大摩:京东(09618.HK)上季业绩好坏参半 忧新业务投资损毛利率
阿思达克 03-12 14:18
摩根士丹利发表的研究报告指,京东集团(09618.HK)去年第四季业绩好坏参半,其中按非通用会计准则计算利润胜预期,加上用户增长健康,不过毛利率及经营利润率均逊预期,估计公司今年首季收入增长强劲,惟新业务投资或会拖累利润表现,短期或困扰投资者。

该行指出去年第四季按非通用会计准则计算,净利24亿元人民币,好过该行预期,主要受惠期内收入增长符预期,同时税款亦少过预期,而净收入增长31.4%,较该行预测高两个百分点,相信是由於一般产品及新业务带动。毛利率按年收窄0.2个百分点至13.9%,主要因为产品组合转变,经营利润率亦差过预期。值得留意的是年度活跃用户增长30.4%至4.72亿户,当中第四季净增3,000万户,较第三季有所加快。

京东管理层指出,社区团购业务现时仍处初步阶段,对其未来十年的增长潜力看法正面,现时其社区团购业务涉足逾30个城市,并正探索最有效的商业模式。该行将公司2021-23年按非通用会计准则计算净利预测分别降3.6%、1.7%及3.2%,美股目标价维持92美元,评级「增持」。(el/k) ~

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