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《大行報告》匯豐研究上調京東(09618.HK)目標價至222元 評級「買入」
匯豐研究發表報告指,京東-SW(09618.HK)(JD.US)公布首季業績,相應將全年收入預測上調約1%,維持2024至2025年預測不變,們認為雖然市場競爭加劇,但在有利的業務收入貢獻轉變,以及市場營銷費用下降的支持下,公司首季好過預期的淨利潤率表現,料可能會持續下去。 該行將京東2023至2025年淨利潤率預測各上調0.5、0.4及0.3個百分點,將京東(JD.US)目標價由55美元上調至57美元,將京東(09618.HK)目標價由215港元上調至222港元,維持「買入」評級,認為現價估值不高,淨現金水平亦進一步為估值提供支持。 不過匯豐研究認為京東股價較缺乏短期催化劑,旗下電子產品及電器銷售亦可能會繼續受到內地房地產市場疲軟的拖累,展望今年「618」電商節,該行預期京東會加大營銷投入以捍衛市場份額,但整體利潤率料受到收入組合向第三方業務轉移及效率提高所影響。
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