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大和:料京東(9618.HK)第四季收入升23% 維持目標價370港元
格隆匯 10-15 14:02

大和發研報指,京東集團(9618.HK)在超級市場類別的強勁增長緩解了行業弱勢,集團投資了“京喜拼拼”,料今年的利潤率仍保持穩定。該行維持其目標價370港元及“買入”評級。該行又將其2021至2023年收入下調2%至4%,以反映零售收入增長可能放緩。

大和指,由於今年下半年以來的消費需求疲弱,及上游供應鏈瓶頸為電子產品供應帶來壓力,導致整體生產成本增加,預計今年第三季集團收入按年增長22%,此前預測為升27%。展望第四季,該行預計基於第三季的需求疲軟,商户對雙11的參與度將會較高,因此他們有可能提供折扣以推動更高的銷售額。不過,該行預料消費者信心於今年仍然不足,因此,料第四季的收入將按年增加23%,此前預計升幅為29%。至於社區團購(CGP)業務,“京喜拼拼”專注於個別城市擴張,採取比同行更謹慎的擴張模式。

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