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《大行報告》招商證券料京東(09618.HK)第三財季收入遜預期 下調今明兩年收入及盈利增長預測
招商證券發表報告指,受宏觀不利因素影響,預計京東-SW(09618.HK)(JS.US)第三季收入增長將低於市場預期,部分原因是受業務調整影響。該行預測京東零售第三季收入按年下降0.6%,之前預測為按年增長2.3%,最新預測比市場預期低4%。 招商證券指,在消費疲軟的背景下,京東正在探索更有效的方法來刺激商品成交額增長。該行預計京東將繼續推動平台生態系統的進一步完善,更好地滿足消費者的品質價值需求,以保持競爭及商品成交額的市場份額。 該行相信,在目前的消費需求環境下,京東將繼續投資於上述目標,同時平衡對利潤率的影響。考慮到業務調整的影響超出預期,以及宏觀不利因素的影響超出預期,將京東(JD.US)基於現金流量折現法的目標價由62美元下調至56.5美元,維持「買入」評級。同時將全年收入預期下調3%至1.1萬億元人民幣,並將全年非美國通用會計準則淨利潤預期下調2%至326億元人民幣。
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