《大行報告》招商證券上調京東-SW(09618.HK)目標價至147元 調整階段接近尾聲
招商證券發表研究報告指,京東集團-SW(09618.HK)(JD.US)第三季收入按年增長2%,符預期,Non-GAAP淨利潤率超出市場預期,主要是由於集團層面的降本增效和供應鏈效率提升,業績表現向好,有助打消投資者對市場競爭導致利潤率下滑的擔憂。
該行預計京東第四季收入將按年增長1%,京東零售收入則持平,展望未來估計京東將逐漸走出業務調整的影響,2024財年起開展新的增長局面,預計2024年京東零售GMV將保持高單位數增長,京東零售收入料按年增長7%,變現比率輕微下降,主要由於京東積極向商家及用戶提供佣金減免及補貼。
招商證券將京東2023至2025財年收入預測上調1%至2%,Non-GAAP淨利潤預測上調1%至4%,預計今明兩年收入將增長3%及7%,Non-GAAP淨利潤率料達到3.1%,目標價由137元上調至147元,維持「增持」評級。
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