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《大行》瑞銀降京東(09618.HK)目標價至195元 加大食品配送投資
瑞銀髮表研究報告指,京東-SW(09618.HK)(JD.US)自4月以來迅速擴大食品配送訂單量,而且行業競爭加劇。就第二季而言,該行根據估計平均每日訂單爲1,200萬至1,300萬,以及每單8至9元人民幣的UE損失計算,估計集團的餐飲外賣投資爲100億元人民幣。 展望未來,瑞銀預期京東在食品配送方面的投資仍會以投資回報率爲重點,在第三季季節性強勁的銷量與改善用戶體驗之間取得平衡。該行預計集團第三季的投資將達到140億元人民幣,並在第四季降至110億元人民幣。 該行預期京東第二季收入將維持穩健,按年增長14%,表現優於中國線上實體商品零售業的銷售額。總體而言,計入100億人民幣的食品配送投資後,京東第二季的淨利潤估計爲56億人民幣,較去年同期減少61%。另外,由於集團加大食品配送方面的投資,該行將其2025至27年的每股盈測下調10至35%,H股目標價由226港元下調至195港元,而美股則由58美元降至50美元,評級爲「買入」。
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