德銀:維持京東(9618.HK)買入評級 目標價升至420港元
德銀髮表研究報吿,將京東(9618.HK)目標價由362港元調升至420港元,維持“買入”評級,認為公司在宏觀不利情況下,仍錄穩定增長。
該行表示,京東第3季表現勝預期,京東零售維持強勁,收入按年升23%,受季度活躍用户(AAC)按年升25%;訂單量增長40%所帶動。生鮮、家用、奢侈品新產品類別持續擴張,訂單量增長快於AAC增長。另外,加盟商(3P)業務料繼續錄得大幅增長。新業務第3季收入增長放緩至33%,該行認為由於公司社區團購業務“京喜拼拼”戰略變化影響,但期內新業務利潤率損失按季收窄。
報吿稱,短期面對宏觀挑戰,公司仍有信心維持增長勢頭。雖然供應鏈短缺可能會影響自營(1P)業務,尤其是手機和電子產品增長,但管理層認為,公司強大3P生態系統會抵銷影響,由於今年雙11促銷更加謹慎。
該行預計,京東零售第4季利潤率按年錄得改善,由於“雙11”今年銷售策略審慎,惟另一方面,新增投資或拖累利潤率。該行上調其目標價,維持投資評級不變。

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