《大行報告》大和上調京東(09618.HK)目標價至318元 評級「買入」
大和發表報告指,由於內地在去年12月逐步放鬆防疫政策,該行料京東(09618.HK)去年第四季收入預測將按年增長7.2%至2,958億元人民幣。然而,確診個案激增影響到物流能力,或導致集團產生額外的成本。
該行指,京東在2022年第四季關閉了部分海外業務,並產生了一次性重組費用。該行估計其去年第四季非通用會計準則淨收入為59億元人民幣,非通用會計準則淨利潤率為2%,低於過去兩季的水平。該行將京東目標價由310元上調至318元,維持「買入」評級。
大和預計,京東的收入增長勢頭將從今年第二季開始恢復,料內地政府將在3月之後公布推動經濟措施,在政策刺激下,相信今年消費者信心將逐步恢復。該行而認為,京東或會在今年6月18日的促銷活動中加大再投資以拉動消費。因此,基於非必需品的消費復甦早於預期,將甚今年收入按年增長預測上調至16%,料其零售營業利潤率按年將保持相對穩定。另外,由於京東物流和達達的經營槓桿,料集團今年的淨利潤率將有所改善。
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