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研報掘金|中金:上調京東目標價至54.7美元 預期毛利率有望繼續提升
格隆匯 03-07 10:49
中金髮表報告指,京東去年第四季的收入及利潤均高過市場預期,去年整體股東回報率達8%。該行指,公司第四季帶電品類及日百品類收入均實現雙位數增長,用戶增長趨勢持續向好,而期內淨利潤大超預期。該行預計今年首季淨利潤仍能維持雙位數增速,料京東零售經營利潤爲102億元,經營利潤爲4%,集團經調整淨利潤率按年提升至3.9%,預計今年集團經調整淨利潤率按年穩定爲 4.1%。中金指,考慮公司毛利率有望繼續提升,上調今明兩年的非通用會計準則淨利潤預測分別8.7%和12.1%至527億元及598 億元,維持“跑贏行業”評級,上調京東目標價6.4%至54.7美元。
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