《大行報告》大和下調京東-SW(09618.HK)目標價至162元 受累內地消費復甦疲弱
大和發表研究報告指出,在消費者信心疲弱及部分家電需求已在第二季反映的情況下,預期京東-SW(09618.HK)第三季收入按年持平,商品交易總額(GMV)按年增長2%;剔除產品調整與大宗商品的影響,該行預期京東核心GMV增長將超越行業5%至6%的增長速度。該行相信產品調整將於12月完成,料GMV與收入之間的差距可於明年首季收窄。
展望第四季,儘管有雙11活動,惟該行預期京東總收入按年增長3.5%(原為4.7%),主要由於消費者謹慎開支及持續的產品調整。京東第三季毛利率將好過該行原先預期。該行料公司第三季零售經營溢利由原預期的4.5%增至5%,連同新業務虧損收窄,預期集團淨利潤率將按年跌0.35個百分點至3.8%。而第四季因促銷季度強勁,預期京東的經營溢利按年跌0.2個百分點至2.8%,因為公司可能會加強用戶補貼力度。
然而,該行仍預期京東全年淨利潤率按年擴張0.4個百分點至3.8%。另將公司2024至2025年盈利預測下調2%,重申「買入」評級,目標價由185元下調至162元。
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