《大行報告》中金:京東-SW(09618.HK)零售收入或持續疲軟 利潤率可保穩定
中金發表報告指,京東-SW(09618.HK)(JD.US)公布去年第四季業績,其收入達2,954億元人民幣(下同),按年增7.1%,符合市場預期;非通用會計準則淨利潤達77億元,按年增115%,超出市場預期,主要由於履約及銷售費用控制得當。非通用會計準則淨利潤率2.6%,其中京東零售營運利潤率達3%。
報告補充,預計今年首季京東零售收入按年或將跌3%,集團收入按年增1.5%。儘管京東今年將通過百億補貼、9.9包郵等重塑京東「天天低價」心智,但公司未調整全年營銷預算,中金預計今年首季京東零售營運利潤率按年提升約60個基點至4.2%,全年營運利潤率3.7%,與去年基本持平,而物流及其他業務均有望實現虧損收窄或盈利擴大,故集團利潤率或將穩中有升。
中金表示,由於消費信心恢復仍需時,加上公司自身業務有所調整,將公司今年及明年收入預測均下調3%,分別達1.16萬億元及1.3萬億元,公司今年非通用會計準則淨利潤預測則下調5%至321億元、明年則下調11%至396億元。其目標價下調22%至63美元,維持「跑贏行業」評級。(ca/s)
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