《大行》招銀國際料京東(JD.US)次季經調整淨利按年跌68% 目標價下調至50美元
招銀國際發表研究報告,預測京東(09618.HK)(JD.US)今年第二季收入將按年增長15.8%至3,374億元人民幣,較市場預期高2%,但由於期內加大外賣業務投資,預計將對淨利潤產生約100億元人民幣的負面影響,目前預測非通用會計準則(non-GAAP)下淨利潤將按年下跌68%至46億元人民幣。
招銀國際預期,京東仍會於第三季進一步加大對外賣業務的投資,但同時也會保持財務紀律,預計對淨利潤繼續帶來約130億元人民幣的負面影響,長遠看好京東可通過推動訂單量增長及調整用戶補貼來改善外賣業務單位經濟效益,但預期投資者會重點關注用戶留存率及交叉銷售成效。
該行維持京東2025至2027年收入預測不變,下調non-GAAP淨利潤預測最多48%,以反映外賣業務投資超出預期,目標價下調9%至50美元,維持「買入」評級。
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