You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》中金下調京東(JD.US)目標價至40美元 第四季收入利潤仍有壓力
中金發表報告指出,京東-S(09618.HK)(JD.US)第三季業績符合預期,收入達2,477億元人民幣,按年增長1.7%;非美國通用會計準則(Non-GAAP)淨利潤106億元人民幣,按年增長6%,超過市場預期14%,主要由於毛利率提升超預期。Non-GAAP淨利潤率4.3%創歷史新高,其中京東零售經營利潤率5.2%,高於該行預期的4.8%。 展望第四季,該行預計京東收入按年增長0.8%,零售收入按年繼續持平。品類端,帶電品類表現或更為穩健。料第四季公司Non-GAAP淨利潤按年下滑7%,零售經營利潤率按年也將下滑60點子,主要由於公司在雙十一期間及整個第四季都加大投入,如新增滿減券、8月24日起公司降低PLUS會員包郵門檻等。該行預計公司內部業務調整將在今年完成,明年預計收入按年增速將回到6.5%,Non-GAAP淨利潤率穩中有升。 由於京東毛利率超預期,該行上調對其今年Non-GAAP淨利潤增長2%至339億元人民幣,對應按年增速20%。考慮到明年消費環境不確定性,該行下調京東明年收入及Non-GAAP淨利潤預測2%,對其京東(JD.US)目標價削9%至40美元,維持「跑贏行業」評級。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account