《大行》花旗料京東(09618.HK)每單外賣虧損逾8元人民幣 下調盈利預測
花旗發表研究報告,京東集團(09618.HK)(JD.US)將於8月中旬公布2025年第二季業績,因應今年「618購物節」表現好過預期,以及外賣業務快速擴張,將收入及非公認會計準則(Non-GAAP)淨利潤預測分別上調1.4%及下調50%,估算每單外賣將帶來超過8元人民幣的虧損,拖累集團淨利潤按年大跌68%至47億元人民幣,收入則預期按年增長15.3%至3,360億元人民幣,高於市場預測的3,306億元人民幣,Non-GAAP淨利潤料達46.8億元人民幣。
該行認為,京東App在次季實現27%至45%的日均活躍用戶(DAU)增長及26%至51%的用戶平均使用頻次提升,反映補貼策略有效推動用戶參與度。展望第三季,花旗預測京東收入將按年增長10.7%至2,881億元人民幣,非公認會計準則淨利潤料達45.8億元人民幣。
該行調整2025至2027年預測,收入預測上調0.4%,Non-GAAP淨利潤預測下調43%、38.3%及32.1%,反映外賣業務虧損抵銷零售業務的利潤增長,暫停給予投資評級。
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