《大行》大和:京東(09618.HK)外賣業務令盈利短期受壓 目標價下調至191元
大和發表研究報告,預測京東集團(09618.HK)(JD.US)第二季零售收入將按年增長15.3%,營運利潤率穩定在約4%,受惠全國補貼政策及618購物節表現較去年好,期內電子產品及家電品類銷售增長預料較日用商品快。
該行估計次季京東外賣業務將帶來約100億元人民幣虧損,全年虧損料達350億元人民幣。雖然管理層將外賣業務視為用戶獲取渠道,數據亦顯示京東App月活躍用戶從2月份的5.15億人增長至6月的6.37億人,但相信投資者要等到見到單位經濟效益改善及交叉銷售數據更明確後才會重拾信心。
大和將京東2025至2027年每股盈利預測下調25%至55%,目標價從222港元降至191港元,以反映外賣業務投資所帶來的短期盈利壓力,維持「買入」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.