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《大行報告》美銀證券下調京東-SW(09618.HK)目標價至169元 評級「買入」
美銀證券發表報告指出,由於整體市場需求和核心產品類別均面臨挑戰,預期第三季京東零售(JDR)的商品交易總額(GMV)將按年增長中單位數,較第二季接近10%的增速有所放緩;料收入按年跌0.7%,落後於GMV,主要由於超市基數較高,以及一般商品銷售的業務優化影響。京東物流(02618.HK)(JDL)方面,該行料第三季收入按年增長13%,外部綜合供應鏈(ISC)收入按年升8%。 因此,該行預期京東-SW(09618.HK)第三季集團淨收入按年增長0.8%至2,450億元人民幣,低於原先預期的4.5%增幅。展望第四季,考慮到去年12月疫情基數較低,加上雙十一促銷帶來的更多消費力,該行料京東零售及集團淨收入按年分別持平及增長2.5%,增幅略高於第三季。該行認為,線上零售商的增長取決於宏觀經濟環境,而該行料明年宏觀經濟環境將有所改善。 京東持續投資於第三方生態圈及服務升級;該行將京東H股目標價由200元下調至169元,維持「買入」評級,認為其估值吸引。
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