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《大行報告》瑞信料京東(09618.HK)次季收入增24.2% 上調年度盈測8%
瑞信發表報告,預計京東(09618.HK)(JD.US)第二季收入將增長24.2%至2,500億元人民幣(下同),較原先預測的22.5%爲高,因爲「6.18」的表現超出預期,特別是商品成交金額按年增長27.7%。而由於對京東物流等(02618.HK)的戰略投資,非美國通用會計準則下的營業利潤率可能按年下降1.5個百分點至1.25%。

瑞信指,投資者的主要關注點包括增長前景,今年上半年的收入增長略高於預期,因此重點要觀望管理層的語調和進入下半年的增長前景,尤其是在低線城市和產品多樣化。至於利潤率方面,京東仍致力於投資新業務社區團購,但對過度補貼的監管收緊也可能影響今年的投資水平。

該行認爲,京東在面臨監管的潛在影響包括定價,即以低於成本的價格銷售產品,提成率展望以及數據隱私等,該行料風險較低。

瑞信將京東2021年度盈測提高8%,維持「跑贏大市」評級,並將美國存託憑證ADR和H股目標價分別維持在105美元和408港元不變,現估值相當於預測2022年核心市盈率27倍,預計在未來幾個季度,投資規模將更加清晰,有望成爲估值重評的動力。

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