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《大行報告》大摩料京東(JD.US)次季收入按年增5% 評級「增持」
摩根士丹利發表研究報告指出,預期受惠於618銷售業績勝預期及低基數下,京東(09618.HK)(JD.US)次季收入料按年增長5%,商品交易總額增長10%,非通用會計準則(non-GAAP)下淨利潤率升47點子至2.9%,情況改善主要來自新業務虧損收窄。 該行預期,京東第三季收入按將年增長5%,主要受基數較高拖累,相對於去年同期收入按年增長11%。由於今年酷熱天氣來得較早,空調銷售旺季較去年提前,導致第二及第三季的家電收入季節性發生變化。該行預計京東第四季收入按年增長8%,主要受惠於基數較低以及業務調整帶來的負面影響較小。 此外,該行預計京東第三季及第四季的non-GAAP淨利潤率將按年下降,但由於上半年毛利率改善,為公司下半年的進一步投資提供足夠緩衝,支持全年毛利率健康擴張,料全年non-GAAP淨利潤率按年升31點子至3%,相對於去年同期為2.7%。 大摩又將京東今年non-GAAP淨利潤預測上調13%,明年淨利潤預測上調5%,以反映毛利率擴張勝預期。維持對其「增持」評級及目標價60美元。
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