《大行報告》富瑞料京東(09618.HK)次季非通用會計準則純利升3.4%至47.9億人民幣
富瑞發表研究報告指出,預期京東(09618.HK)第二季總收入按年增長2.4%至2,600億元人民幣,在可靠的成本控制下,料其非通用會計準則下的純利按年增長3.4%至47.9億元人民幣,非通用會計準則下的淨毛利率預測爲1.84%(之前爲1.82%)。考慮到疫情影響,京東零售收入按年增長2%至2,370億元人民幣,京東零售經營利潤料按年基本持平。
該行認爲,京東繼續贏得消費者關注,並加強與供應商的聯繫,爲其長期發展奠定穩固基礎。估計其市場份額增長穩定,全渠道戰略處於增長的早期階段;以投資回報率爲重點的支出方法,對公司的盈利能力和現金流是重點關注領域。維持對其「買入」評級,目標價448元。
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