《大行報告》大和上調京東-SW(09618.HK)目標價至310元 評級「買入」
大和發表研究報告指,日前與京東-SW(09618.HK)管理層交流,管理層表示集團履約能力已幾乎完全恢復,預計消費者情緒將在物流正常化及政府刺激措施下逐步改善。
該行指出,京東目前仍在消化4月以來的積壓訂單,同時正為618促銷活動準備額外的運力,由於供應鏈中斷對小商戶的影響更大,第三方業務首季按年增長低於直銷業務,但隨著上海地區重新開放,預期業務正在反彈。同時越來越多地方政府陸續推出消費刺激措施,大和預計京東今年下半年收入增長將加快。
京東維持第二季收入按年持平的指引,但重申如果6月業績低於預期,收入可能會下滑。考慮到直銷業務銷售貢獻可能提高,大和預測其第二季收入將增長4%,低於首季的按年升18%,並預計新業務全年經營虧損將按年收窄30%至75億元人民幣。
由於新業務的虧損預期減少,大和將2022至2023年每股盈利預測上調2%至5%,重申「買入」評級,目標價由305元升至310元。
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