《大行》匯豐研究:京東(JD.US)外賣業務短期拖累盈利表現 目標價降至40美元
匯豐研究發表研究報告,京東集團(09618.HK)(JD.US)將於8月公布2025年第二季業績,預期收入按年增長15%至3,360億元人民幣,其中零售業務收入料增長16%,受惠618購物節及以舊換新補貼政策,家電及消費電子品類銷售預計維持雙位數增長。由於集團加大對外賣業務的投資,該行預期非公認會計準則(Non-GAAP)下淨利潤將較去年同期下跌61%,至56億元人民幣,淨利潤率收窄約3.3個百分點至1.7%。
匯豐研究認為,外賣業務有效推動京東日均活躍用戶按年增長逾30%,初步實現與電商業務的交叉銷售。考慮到集團加大對電商的補貼及外賣業務的投資,拖累盈利表現,該行下調京東零售2025年利潤率預測至按年持平,並將2025至2027年盈利預測下調14%至35%,目標價從48美元下調至40美元,維持「買入」評級。
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