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《大行報告》大和降京東-SW(09618.HK)目標價至286元 評級「買入」
大和發表評級報告指,在智能電話及家電銷情況良好下,該行預料,京東-SW(09618.HK)第三季收入增長達至該行預測的按年增11%,惟第四季收入預測由原本增的14%下調至11%,主要是受到近期封城措施、宏觀環境表現持續疲軟,以及消費情緒恢復較預期緩慢等因素影響。 展望第四季,該行表示,在十一國慶假期期間,超級市場、運動服裝以及戶外活動產品等需求較具韌性,料此銷售上升趨勢延續至11月,主要是受惠於雙11的強力促銷。 即使公司於雙11期間,大力促銷,該行預料,公司在營銷支出方面較同業持審慎態度,並料公司第四季非美國通用會計準則淨利潤率將按年增60個基點至1.9%。 該行將公司2022年至24年收入預測下調1%至2%,主要是京東零售收入疲軟,目標價由303元下調至286元,重申其評級為「買入」。(ca/u) ~
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