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《大行報告》中信証券:京東-SW(09618.HK)短期增速承壓 關注業務及組織調整成效
中信証券發表發表報告,預計京東-SW(09618.HK)首季營收2,383億元人民幣(下同),按年跌0.6%,非通用會計準則淨利潤為50.6億元、淨利率為2.13%。中信証券表示,首季仍處於疫後消費情緒弱復甦期,預計公司短期收入端增長承壓,利潤率有望按年穩中有升。 中信証券指,在品類營運策略調整、採銷分離改革、百億補貼營銷獲客、組織架構調整等多重因素交織下,預計今年將是京東砥礪琢磨、蓄力長期的革新之年,短期內公司業績或有擾動,但是中長期上述調整有望提升平台核心競爭力。 中信証券指,將公司在2023年至25年的各年收入預測下調至10,729億元、11,813億元,以及13,090億元,而非通用會計準則淨利潤預測則下調至300億元、364億元以及407億元。中信証券給予其H股目標價253港元,以及維持其評級為「買入」。
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