一文綜合券商對京東(09618.HK)公布業績後最新目標價及觀點
京東(09618.HK)(JD.US)今早股價受壓，最新報344.8元跌4.4%，摩根士丹利指京東去年第四季業績好壞參半，指新業務投資帶來毛利率下行風險，花旗指關注公司拓展社區團購策略及今年毛利率趨勢。公司昨日(12日)收市後公布截至去年業績，去年營業收入按年升29.3%至7,458億元人民幣，全年純利按年升3.05倍至494億元人民幣，非公認會計準則淨利潤按年升57%至168億元人民幣。每股盈利16.35元人民幣；去年經營利潤為123億元，2020年全年非公認會計準則經營利潤為153億元人民幣，非公認會計準則經營利潤率為2.1%。京東去年非公認會計準則EBITDA按年升50%至207億元人民幣。
京東去年第四季營業收入按年升31.4%，純利按年升5.7倍至243億元人民幣。非公認會計準則淨利潤按年增194%至24億元人民幣。每股盈利7.84元人民幣；季度非公認會計準則經營利潤12.135億元人民幣，2019年第四季度為7.04億元人民幣。季度非公認會計準則EBITDA按年升35%至27億元人民幣。京東去年度活躍用戶數由2019年的3.62億，增加30.3%至2020年的4.719億。摩根大通指京東上季業績鞏固，但關注管理層對今年前景指引。
【拓社區團購業務券商憂損毛利率】
摩根士丹利指，京東去年第四季業績好壞參半，非公認會計準淨利潤率勝該行預期，且用戶數量增長健康，但毛利率及經營利潤率均遜預期。該行預期京東今年首季收入增長強勁，但新業務投資帶來毛利率下行風險，並可能成為投資者短期憂慮的問題。該行維持對京東美股「增持」評級及目標價92美元。
瑞銀表示，京東決定投資社區團購，短期將為股價帶來壓力，料投資者將抱觀望態度，因不確定能否與美團(03690.HK)及拼多多(PDD.US)競爭。該行相信京東會控制投資支出，亦見到核心電商業務毛利率改善，今年收入增長亦可能高於預期。該行上調對京東美國預託證券目標價，由105美元上調至110美元，維持「買入」評級。
傑富瑞指，京東的強勁執行力已在用戶增長加速上反映，且大部分增長來至較低級別城市。該行指京東於多個項目上達致規模性，晶溪業務重整及社區團購投資對長遠發展非常重要。該行認為現有營運已產生規模效應，供應鏈能力在競爭下表現突出，看好公司前景。該行給予京東「買入」評級，對美國預託證券目標價110美元，港股目標價426港元。
——————————————————————————————————————
本網最新綜合6間券商對其京東美國預託證券(JD.US)投資評級及目標價，1間券商上調目標價，全數給予「買入」或「增持」評級：
券商│對京東美股預託證券投資評級│對京東美股預託證券目標價
花旗│買入│117美元
瑞銀│買入│105美元->110美元
摩根大通│增持│110美元
傑富瑞│買入│110美元
野村│買入│109美元
摩根士丹利│增持│92美元
————————————————
券商│觀點
花旗│關注拓展社區團購策略及今年毛利率趨勢
瑞銀│京東有節制地增加投資
摩根大通│上季業績穩固，關注管理層今年指引
傑富瑞│強勁執行力捕捉機遇
野村│上季收入勝預期，經營利潤率遜預期
摩根士丹利│去季業績好壞參半，今年經營利潤率有下行風險
(fc/w)
~
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.
