《大行報告》匯豐研究下調京東(09618.HK)目標價至355元 維持「買入」評級
匯豐研究發表報告,繼續列京東(09618.HK)爲電商行業的首選,指出雖然宏觀環境存在潛在挑戰,但預期今年收入仍將得到支持,主要來自集團第三方業務發展強勁,去年第四季新增商戶數量超過首三季總和,爲增長奠定基礎;用戶ARPU及購買頻率上升,用戶體驗改善料推動用戶基礎增長;以及全渠道增長加速,已佔GMV總額約10%,集團更預計今年可帶動30%以上增長。
該行又指,利潤率持續提升將驅動股價向好,集團目標在京東零售業務實現穩定利潤、預期新業務絕對投資虧損將持平不變甚至低於2021年水平,以及預計物流利潤率將提高。
匯豐研究對京東收入預期基本保持不變,但對2022至2023年利潤水平採取更保守看法,考慮到零售類別產品組合的轉變及集團對全渠道的潛在投資增加,將目標價由390元下調至355元,維持「買入」評級。
市場對《外國公司控股責任法案》的中概股退市風險感到擔憂,令京東股價調整15%以上,但該行認爲,京東在美國及香港雙重上市,風險有所緩衝。
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