《大行報告》富瑞下調京東-SW(09618.HK)目標價至402元 評級「買入」
富瑞發表研究報告指,京東集團-SW(09618.HK)第三季收入基本符合市場預期,非公認會計準則計純利更超出預期,主要歸因於集團的強大執行能力,指出京東在供應鏈、低線城市滲透率、開放生態系統以及全渠道戰略的佈局及核心競爭力,可爲長期發展及增長帶來支持,預計可於明年迎來複蘇。
該行指出,京東在宏觀經濟面對困難時便強調調整業務戰略,提升單位經濟效益及利潤率,令期內毛利率高於市場及富瑞預期。對於消費者情緒,富瑞認爲仍需要時間逐步恢復,預期第四季電子產品及家電收入增長速度將低於第三季。
而疫情及宏觀不確定性影響市場需求,該行預期集團將對京喜進行戰略調整,但強調短期影響將不會改變該行對京東的長期積極看法。
考慮到京東零售的增長放緩、京喜潛在戰略調整以及德邦與京東物流(02618.HK)的整合,富瑞預測第四季京東收入將增長6.5%(原先料增11%),非公認會計準則計淨利潤率料按年提升60個基點,維持「買入」評級,H股目標價則由448元下調至402元。
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