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《大行報告》瑞信下調京東(09618.HK)目標價至420元 評級「跑贏大市」
瑞信發表研究報告指,由於必需品需求穩固及市場份額提升,預期京東(09618.HK)在宏觀經濟放緩的情況下更具韌性,第四季收入料將增長22%至2,740 億元人民幣,非一般公認會計準則(non-GAAP)下經營溢利率預期按年提升40個基點至0.9%。 該行表示,市場將關注京東的增長前景,預計京東2022年收入將增長19%,主要受惠於快速消費品穩定增長,及電子與家電市場份額的增加。 京東成爲2022年央視春晚贊助商,瑞信預期活動可以有助於品牌推廣及獲取用戶,預計以效率爲導向的營銷支出可能會增加10億至20億元人民幣。瑞信亦提及,京東強調全渠道佈局,通過線下門店營運、2B業務發展及投資,以及與達達集團的業務合作,長期而言將有利於提升用戶參與度及市場份額。 考慮到受宏觀經濟影響的收入增長放緩,該行將 2022至2023年收入預測下調13%及7%,目標價相應下調至420元,維持「跑贏大市」評級。
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