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《大行報告》招商證券料京東(JD.US)第三季收入增11.3% 評級「增持」
招商證券發表報告,預料料京東(JD.US)第三季收入按年增長11.3%,按季增速回升。管理層表示, 7月和8月的商品成交金額(GMV)增速相比6月持續改善,9月GMV增速進一步提升,部分歸功於智能手機的強勁銷售,尤其是新款iPhone 14和華爲Mate 50系列。 招商證券預計京東第三季non-GAAP淨利潤率將達到2.9%,按年提升0.6個百分點。而non-GAAP淨利潤 達71億元人民幣,按年增長41%,得益於規模效應和產品結構優化推動毛利率提升,以及公司不斷精簡業務和降本增效。 該行料京東第四季收入按年增長14%。雖然消費復甦面臨宏觀逆風,但仍認爲下半年有一定增長空間,動力部分來源於刺激性消費政策,例如上海近期推出綠色智能家電消費補貼、「雙11」和「雙12」等電商購物節助力線上零售增長。 該行預測京東2022財年收入和non-GAAP淨利潤將按年分別增長12%和33%,並指仍然看好京東,因爲其在充滿挑戰的環境中表現出獨特的韌性,市場份額不斷增加,以及相對較少的監管風險。維持其增持評級,略微調整盈利預測和匯率,將美股目標價由77美元下調至72美元,評級「增持」。
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