《大行報告》海通國際下調京東(JD.US)目標價至40美元 料第三財季收入按年僅升0.6%至2,451億人幣
海通國際發表報告,預期京東-SW(09618.HK)(JD.US)第三季收入2,451億元人民幣,按年增長0.6%,接近指引範圍持平至增長5%的下限,亦低於市場預測,估計京東零售第三季收入持平於2,121億元人民幣,亦差過指引的低單位數升幅。利潤率可以維持,非通用會計準則(non-GAAP)純利輕微改善至102億元人民幣,則好過市場預期。
該行認為,超市等主要業務範圍仍然面對壓力,家庭電器亦受宏觀經濟影響而尚未復甦,智能手機銷售重拾增長,服飾相關產品有驚喜,但對商品交易總額(GMV)的貢獻有限。在雙11購物節的預售數據出爐前,仍然傾向保守估計,主要受經濟環境及去年比較基數影響,估計第三及第四季度收入,按年分別升0.6%及1.1%,全年收入料按年升2.7%,明年預測由原先的增長11.6%下調至7.8%,主要反映明年經濟不確定及市場競爭,美股目標價由45美元下調至40美元,維持「優於大市」評級。
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