一文综合券商於京东(09618.HK)公布业绩後最新目标价及观点
京东(09618.HK)(JD.US)今早股价受压，最新报344.8元跌4.4%，摩根士丹利指京东去年第四季业绩好坏参半，指新业务投资带来毛利率下行风险，花旗指关注公司拓展社区团购策略及今年毛利率趋势。公司昨日(12日)收市後公布截至去年业绩，去年营业收入按年升29.3%至7,458亿元人民币，全年纯利按年升3.05倍至494亿元人民币，非公认会计准则净利润按年升57%至168亿元人民币。每股盈利16.35元人民币；去年经营利润为123亿元，2020年全年非公认会计准则经营利润为153亿元人民币，非公认会计准则经营利润率为2.1%。京东去年非公认会计准则EBITDA按年升50%至207亿元人民币。
京东去年第四季营业收入按年升31.4%，纯利按年升5.7倍至243亿元人民币。非公认会计准则净利润按年增194%至24亿元人民币。每股盈利7.84元人民币；季度非公认会计准则经营利润12.135亿元人民币，2019年第四季度为7.04亿元人民币。季度非公认会计准则EBITDA按年升35%至27亿元人民币。京东去年度活跃用户数由2019年的3.62亿，增加30.3%至2020年的4.719亿。摩根大通指京东上季业绩巩固，但关注管理层对今年前景指引。
【拓社区团购业务券商忧损毛利率】
摩根士丹利指，京东去年第四季业绩好坏参半，非公认会计准净利润率胜该行预期，且用户数量增长健康，但毛利率及经营利润率均逊预期。该行预期京东今年首季收入增长强劲，但新业务投资带来毛利率下行风险，并可能成为投资者短期忧虑的问题。该行维持对京东美股「增持」评级及目标价92美元。
瑞银表示，京东决定投资社区团购，短期将为股价带来压力，料投资者将抱观望态度，因不确定能否与美团(03690.HK)及拼多多(PDD.US)竞争。该行相信京东会控制投资支出，亦见到核心电商业务毛利率改善，今年收入增长亦可能高於预期。该行上调对京东美国预托证券目标价，由105美元上调至110美元，维持「买入」评级。
杰富瑞指，京东的强劲执行力已在用户增长加速上反映，且大部分增长来至较低级别城市。该行指京东於多个项目上达致规模性，晶溪业务重整及社区团购投资对长远发展非常重要。该行认为现有营运已产生规模效应，供应链能力在竞争下表现突出，看好公司前景。该行给予京东「买入」评级，对美国预托证券目标价110美元，港股目标价426港元。
——————————————————————————————————————
本网最新综合6间券商对其京东美国预托证券(JD.US)投资评级及目标价，1间券商上调目标价，全数给予「买入」或「增持」评级：
券商│对京东美股预托证券投资评级│对京东美股预托证券目标价
花旗│买入│117美元
瑞银│买入│105美元->110美元
摩根大通│增持│110美元
杰富瑞│买入│110美元
野村│买入│109美元
摩根士丹利│增持│92美元
————————————————
券商│观点
花旗│关注拓展社区团购策略及今年毛利率趋势
瑞银│京东有节制地增加投资
摩根大通│上季业绩稳固，关注管理层今年指引
杰富瑞│强劲执行力捕捉机遇
野村│上季收入胜预期，经营利润率逊预期
摩根士丹利│去季业绩好坏参半，今年经营利润率有下行风险
(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.
