《大行報告》大摩:京東(09618.HK)上季業績好壞參半 憂新業務投資損毛利率
摩根士丹利發表的研究報告指,京東集團(09618.HK)去年第四季業績好壞參半,其中按非通用會計準則計算利潤勝預期,加上用戶增長健康,不過毛利率及經營利潤率均遜預期,估計公司今年首季收入增長強勁,惟新業務投資或會拖累利潤表現,短期或困擾投資者。
該行指出去年第四季按非通用會計準則計算,淨利24億元人民幣,好過該行預期,主要受惠期內收入增長符預期,同時稅款亦少過預期,而淨收入增長31.4%,較該行預測高兩個百分點,相信是由於一般產品及新業務帶動。毛利率按年收窄0.2個百分點至13.9%,主要因為產品組合轉變,經營利潤率亦差過預期。值得留意的是年度活躍用戶增長30.4%至4.72億戶,當中第四季淨增3,000萬戶,較第三季有所加快。
京東管理層指出,社區團購業務現時仍處初步階段,對其未來十年的增長潛力看法正面,現時其社區團購業務涉足逾30個城市,並正探索最有效的商業模式。該行將公司2021-23年按非通用會計準則計算淨利預測分別降3.6%、1.7%及3.2%,美股目標價維持92美元,評級「增持」。(el/k) ~
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