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《大行報告》花旗下調京東(JD.US)目標價至83美元 評級「買入」
花旗發表報告指,京東(09618.HK)(JD.US)3月初推出「百億補貼」頻道,管理層透露補貼計劃是提升用戶體驗的重要方案,新發展戰略下季節性促銷變得常態化,發展成為「天天低價」的方針,又表示將評估補貼的效用,並會通過重新分配其他營銷開支來作動態調整,承諾今年營銷總支出與往年不會有太大差距。 花旗認為雖然集團補貼計劃開支或可控,但復甦步伐可見度仍然較低,去年第四季產品銷量低於預期,反映出疫情因素、宏觀經濟疲軟等負面影響。 該行將京東(JD.US)目標價從96美元下調至83美元,維持「買入」評級,並將任何過度拋售的情況視為長期投資者入市機會,指出在股東回報提高的情況下,經濟疲軟是京東最大的增長阻礙,將2023至2025年收入預測各下調1.6%、2.8%及4.2%,並將非通用會計準則下純利預測分別下調2.7%、上調1.4%及上調0.6%。 花旗又預測京東今年首季收入將按年持平,達到2,397億元人民幣,淨利潤料達44.4億元人民幣,全年收入預測為按年升9.1%至1.14萬億人民幣,非通用會計準則純利料達313億人民幣。
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