大行評級 | 麥格理:京東集團首季表現勝預期 上調目標價至207港元 維持“優大於市”評級
格隆匯5月12日丨麥格理髮研報指,京東集團(9618.HK)首季經調整盈利優於市場預期約42%,這受益於正在進行的營運精簡;第三方市場體現出年初至今隨著商家和消費者羣不斷增長而取得的初步進展。報吿指,京東首季盈利表現強勁,坐實集團在具挑戰的環境下盈利能力依然強韌的看法。期內,毛利達360億元,優於市場和該行預期,同時集團強調重視低價產品種類,初步進展正面,活躍商家和日均活躍用户(DAU)在3月均錄得雙位數的增長。報吿預計,京東第二季收入將同比增長5%,當中,零售業務收入增1%,總成交金額增速加快至7%。考慮到接下來的“618”促銷活動推廣以及持續的成本改善工作,預料次季經調整純利將達68億元,經調整淨利潤率達2.4%。報吿最新上調京東今明兩年的收入預測1%,分別上調經調整純利預測分別8%和5%,將目標價由205港元調升1%至207港元,評級維持“優於大市”。

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