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《大行》大華繼顯:京東(09618.HK)收入前景仍穩健 維持「買入」下調目標價
阿思達克 07-11 09:59
大華繼顯發表研究報告,京東集團(09618.HK)(JD.US)2025年次季收入指引維持雙位數增長,略勝預期,管理層預料次季外賣業務將錄得約100億元人民幣虧損,並因旺季及激烈競爭,於第三季加大投資力度。 基於核心電商業務穩健增長,管理層對全年實現雙位數收入增長保持信心。大華繼顯維持「買入」評級,認為京東外賣與零售業務的交叉銷售漸見成效,將次季及全年收入預測分別上調2%及1%,至按年增長16%及13%。但因外賣業務虧損及雙百億補貼等投資,將Non-GAAP淨利潤預測削減29%及20%,目標價從185元下調至158元。
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