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大行評級|瑞銀:上調京東H股目標價至250港元 受惠於宏觀刺激因素
格隆匯 10-14 12:57

瑞銀髮表研究報吿,認為京東於短期內最有能力捉緊潛在的宏觀刺激因素,包括家電以舊換新計劃、房地產市場措施及消費券。至於中期而言,京東可能會受惠於利潤率持續擴張,包括更有利的產品結構與規模提升;更好的採購效率;從第三方業務賺取更高的廣吿及佣金收入;以及京東的配送效率提升。瑞銀表示,京東50億美元的回購計劃或會為其股份提供支撐,並認為京東在盈利驚喜及重估倍數方面具有最大的上升空間。

瑞銀亦指,由於對更多宏觀刺激的預期,市場或會忽略京東2024財年第三季的業績,但可能會關注管理層的前景,包括3C電子及家電商品成交金額(GMV)復甦、競爭格局(尤其在雙十一前)、利潤率提升速度及空間、更新的回購計劃等。綜合上述因素,瑞銀將京東美股目標價由43美元上調至64美元;H股目標價由168港元上調至250港元,重申“買入”評級。

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