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《大行報告》富瑞下調京東-SW(09618.HK)目標價至312元 評級「買入」
富瑞發表報告表示,考慮到內地宏觀逆風、內地消費者信心逐步復甦,以及京東-SW(09618.HK)(JD.US)的經營策略轉變,因此對下半年經營前景預測亦有所調整,預測第三季京東零售業務利潤率將步入正軌,整體非公認會計準則下淨利潤率將超出該行預期,達到約4.1%,相信其長期戰略及競爭力未變。 該行預料,京東第三季總營收將按年增1%至約2,460億元人民幣,並預計京東零售收入增速將按年持平。富瑞估計第三季GMV增長速度將繼續超越收入增長。考慮到京東物流(02618.HK)和新業務基本面向好,預期第三季非通用會計準則淨利潤將達到約101億元人民幣。 富瑞維持對京東H股「買入」評級,計及新業務估值,將目標價從379元下調至312元。
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