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《大行報告》中金料京東(09618.HK)上季非通用會計準則淨利潤71億人幣 大致符預期
中金發表報告指出,維持對京東-SW(09618.HK)去年第四季收入預測按年增長0.8%至2,979億元人民幣不變,非通用會計準則(Non-GAAP)淨利潤按年跌7%至71億元人民幣,大致符合市場預期。 該行預期,京東上季零售收入將按年持平,去年10至12月期間商品交易總額(GMV)按年增長或逐月放緩,主要由於雙十一購物節較早銷售,帶動10月的GMV按年增長達雙位數,而去年12月份的基數較高。另預期,京東上季毛利率按年跌20點子至2.4%,估計京東零售的經營溢利為64億元人民幣,經營利潤率按年跌60點子至2.5%。 展望今年,該行相信京東將繼續投資低價策略,大致維持對其收入預測不變,意味著總收入按年增長6.3%,零售收入按年增長5.6%。考慮到公司低價策略、較低的免運費門檻、零售業務部門員工工資的增加,以及作為2024年春晚獨家互動合作平台,該行預期公司Non-GAAP淨利潤持平於341億元人民幣,毛利率3%。 此外,該行維持對京東去年Non-GAAP淨利潤預測不變,即按年增長20%至339億元人民幣,毛利率按年升50點子至3.2%。由於公司可能會繼續投資低價策略,該行將公司今年Non-GAAP淨利潤預測下調11%,預期明年收入按年增長5.7%至1.21萬億元人民幣,Non-GAAP淨利潤按年增長18%至402億元人民幣,毛利率達3.3%。對京東(JD.US)目標價下調20%至32美元,維持「跑贏大市」評級。
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