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《大行報告》瑞信下調京東(09618.HK)目標價至359元 評級「跑贏大市」
瑞信發表研究報告指出,京東(09618.HK)首季收入按年升18%,大致符合預期,經調整淨利潤40億元人民幣,經營利潤率1.7%,超過預期的1%。 該行引述京東管理層預期,疫情對公司第二季的影響按年來得更為嚴重,因衝擊到一線城市,令消費者信心減弱,對物流及供應鏈的影響更大。公司期內優化成本,縮減低回報項目,並於3月份加大成本削減力度。此外,管理層指因庫存積壓和需求疲軟,在上海物流基本回復正常的情況下,商家熱衷於參與即將到來的「618」活動以去庫存。 瑞信對京東今年第二季及全年收入預測分別下調至升2.4%及升10%,經調整經營利潤率下調7%,以反映增長放緩被成本控制所抵銷,另對其2021至2023財年每股盈利預測下調8%,目標價由398元降至359元,維持「跑贏大市」評級,仍然相信在回復正常化的情況下,公司盈利增長續保持可見性。
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