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《大行報告》瑞信:京東(JD.US)第三季盈利勝預期 續聚焦高質素增長
瑞信發表報告指,京東-SW(09618.HK)(JD.US)第三季收入符合預期,利潤率及非公認會計準則下經營溢利達新高,期內盈利勝於預期。 該行指,京東管理層透露預計今年第四季業務增長將減慢,宏觀經濟仍然充滿挑戰,同時訂單取消率料提升,消費者更加理性地消費以及可自由支配產品的需求疲軟,另外公司指出今年利潤率提升主要是受到成本控制措施所帶動,並預期明年仍有較大的效率提升空間,續聚焦高質素增長。 瑞信預測,公司第四季收入將按年增長8%,又指出與同行一樣,京東亦正面臨宏觀壓力,但仍能高效營運,令利潤率得以改善,相信若明年市場復甦較預期強,料京東收入及利潤率提升速度應較同業更快。 由於今年第三季盈利超出預期,瑞信將對京東2022年每股盈利預測上調7%,維持2023年預測,重申京東(JD.US)「跑贏大市」投資評級及目標價為87美元,維持對京東(09618.HK)「跑贏大市」投資評級及目標價339港元。
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