《大行報告》中金料京東(09618.HK)今年集團及京東零售GMV及收入增速有望達6%以上
中金發表報告指,京東(09618.HK)去年第四季度收入按年增長3.6%,其中零售收入按年增長3.4%超出該行預期,主要由於自營平台(1P)產品收入按年增長3.7%,其中帶電品類收入和非帶電品類收入按年分別增長6%和持平,增速均好過第三季,但佣金和廣告收入按年增速首次轉負,至下滑4%。
該行預期今年集團及京東零售的商品交易總額(GMV)及收入增速,均有望達到6%以上,全年集團Non-GAAP淨利潤及京東零售營運利潤至少保持穩定,主要由於集團將市場份額和用戶體驗作為更重要的考核標準。
報告指,由於京東展現出較強的供應鏈能力,預計低價策略對利潤影響有限,上調今年Non-GAAP淨利潤預測4%至354億元,按年增長1%;由於低價策略持續時間或較預期更長,略下調明年Non-GAAP淨利潤預測2%至395億元。
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