《大行報告》美銀證券下調京東-SW(09618.HK)目標價至220元 評級「買入」
美銀證券發表報告,指京東-SW(09618.HK)首季銷售額按年增長1%,符合市場預期。受惠京東零售利潤率高於預期,首季非美國通用會計準則下的淨利潤為76億元人民幣,較預期高出41%。
至於第二季方面,報告引述管理指指4月商品成交額勢頭比首季有所改善,特別是在第三方市場和家電領域;由於第三方業務速度加快和產品優化的持續影響,商品成交金額增速可能超過收入增速,差幅達中至高單位數;以及由於京東零售之外業務虧損減少,集團non-GAAP淨利潤率將按年擴大。
整體2023財年,公司認為消費者情緒需時回復,預計在下半年會有溫和復甦。該行假設京東零售收入持平下,預計2023財年第二季的收入將按年增長4%。該行亦將今明兩年收入預測分別降4%和7%,並將集團非美國通用會計準則下的淨利潤率預測調整為3.2%和3.2%,之前預測為2.9%和3.2%。港股目標價由267港元降至220港元,維持「買入」評級。
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