《大行报告》瑞信下调京东(09618.HK)目标价至431元 评级「跑赢大市」
瑞信发表报告表示,预期京东(09618.HK)今年首季收入按年升34%至1,956亿元人民币,主因在稳健用户增长的支持下,包括电子产品及家庭电器,而服务收入将基於低基数效应而表现理想。
报告又指,由於京东今年宣传推广活动及策略投资增加,料首季Non-GAAP经营利润率按年下跌28个基点至1.9%;至於毛利率前景及线上杂货业务的投资仍受投资者最为关注。
该行又指,长线而言,京东前景维持稳健;而短期内,随着投资者对管理投资规模以及未来几个季度的利润率的影响更加清晰,股价可能会保持区间波动。该行下调其2021至2023年度每股盈利预测4%至9%,目标价由452元降至431元,维持「跑赢大市」评级。
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