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大行評級|招銀國際:維持京東“買入”評級 預計以舊換新計劃將推動其錄得穩健業績
格隆匯 01-20 15:18
招銀國際發表報吿,預計家電以舊換新計劃將推動京東錄得穩健業績,預計第四季收入將按年增長9.3%至3,346億元,較市場共識高出3%,主要受惠於家電以舊換新計劃在全國推行、京東的家電品類GMV佔比高於業界平均,以及京東自營業務具備強大的供應鏈能力。該行預計京東第四季non-GAAP淨利潤將按年增長13.2%,主要由優於市場預期的毛利率上升、以舊換新計劃推動下銷售及營銷成本的優化,以及行業競爭格局相對穩定所推動。招銀國際稱,短期內京東相較同業有望從以舊換新計劃中受惠更多,長期而言,核心業務高質量、可持續的盈利增長,以及股東回報的提升仍然是股價推升的關鍵,維持其“買入”評級,目標價為53.2美元。
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