大行評級|麥格理:上調京東目標價至225港元 以舊換新政策支持上季強勁表現
麥格理髮表研報指,中國消費者已經接受“以舊換新”計劃,同時看到京東的促銷活動更加強勁,預計京東零售2024財年第四季營收將年升11%;利潤率將按年穩步提升;經調整營業利潤率將按年增加50個基點至3.1%。若以集團計,該行預計京東經調整淨利潤率將按年增30個基點至3%,主要受惠京東物流強勁的利潤率,以及對新業務的額外投資。麥格理將京東2024及2025財年盈利預測,分別上調4%及3%,同時將ADR目標價由57美元上調至59美元;H股目標價由217港元上調至225港元,均給予“跑贏大市”評級。
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