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《大行報告》大摩料京東(09618.HK)第三季收入升11% 非通用會計準則淨利潤69.51億人幣
大摩發表報告,預計京東(09618.HK)(JD.US)第三季收入將按年增長11%,非通用會計準則淨利潤69.51億人民幣,按年升37.7%;非美國通用會計準則的淨利潤率將按年提高60個基點至2.9%。雖然內地Omicron疫情和緩慢的消費復甦可能會拖累收入增長,但京東持續的利潤率改善應能支持估值。 大摩預計,第四季京東的大部分核心品類將錄得高於行業的11.6%按年增長,特別是智能手機和超市。但由於住房市場不景氣,家電產品的增長勢頭可能會按季放緩。該行預計第四季京東將繼續實施成本控制,令非美國通用會計準則下的淨利潤率按年進一步提高約60個基點至1.9%,去年同期爲1.3%。 大摩指,京東按集團盈利計算的2023年預測市盈率爲20倍,處歷史低位。自9月1日以來,其股價下跌21%,而同期阿裏巴巴(BABA.US)和拼多多(PDD.US)跌幅分別爲13%和11%,該行認爲京東目前的股價和估值都更具吸引力。對京東美股目標價爲80美元,評級「增持」。
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