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《大行報告》交銀國際下調京東(09618.HK)目標價至151元 評級「中性」
交銀國際發表報告,預計京東-SW(09618.HK首季零售收入按年下降4%,因帶電恢復滯後於其他品類。商超雖復甦趨勢好於帶電,但受精簡虧損存貨單位(SKU)、優化中心倉模式調整影響。廣告及佣金收入為正增長,POP(Point of Purchase(賣點廣告))表現好於自營,預計趨勢持續。 該行預計京東今年業務調整力度大於此前預期,對短期收入帶來負面影響,料全年零售收入按年下降 1%,收入較此前預期低 6%。業務調整影響結束後,核心零售利潤應能恢復10%的增長。該行下調對京東今年收入及利潤預測各6%和2%,目標價由167元下調至151元。 交銀國際認為京東在家電等核心品類仍能保持用戶心智的領先,當前挑戰主要來自原有模式下難以尋求增量突破及宏觀影響,公司進入低價市場效果仍有待觀察。短期收入增速恢復的可見性不強,維持「中性」評級。
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