《大行報告》大和下調京東(09618.HK)目標價至216元 評級「買入」
大和發表研究報告指,京東(09618.HK)在618活動期間的銷售符合預期,雖然未有強勁反彈,但所有產品品類均有理想表現。第三方平台(3P)的網站成交金額增長快於自營直銷平台(1P),3P的中小型商家在平台上特別活躍。同時,由於過去兩個月的天氣極端炎熱,家電等產品的銷售穩健。管理層又維持今年第二季的收入和利潤率指引。
該行預計,集團今年的網站成交金額與按年收入增長之間仍有高單位數百分點的差距,料今年其收入按年增4%,又預計集團對高質量增長的追求將有助於實現其3%的長期GMV或利潤率目標。該行引述集團管理層指,期望政府推出刺激措施,以在短期內恢復私營企業的信心並推動消費。管理層強調,在最近的管理層變動中,集團戰略和目標保持不變。
該行重申集團的「買入」評級,目標價由266元降至216元。
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