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《大行》中金降京東(JD.US)目標價至41美元 料次季非通用準則淨利潤跌70%
中金髮表報告,預測京東(09618.HK)次季收入按年增15.3%至3,359億元人民幣(下同),集團非通用準則淨利潤按年下滑70%至43億元,對應非通用準則淨利潤率爲1.3%。 中金指,從新業務虧損角度,進入次季後公司外賣業務投入加大,4月京東外賣啓動百億補貼計劃,受此帶動單量增長超預期,單日高峯訂單量已經突破2,500萬單,拉高整體投入規模,此外考慮京喜等新業務也在持續投入,預計次季新業務虧損幅度提升至117億元;往後看,第三季度由於暑期通常爲外賣行業旺季,且7月京東外賣宣佈啓動雙百計劃,將投入超百億元真金白銀扶持更多商家,預計京東外賣的補貼投入或按季提升。 中金下調京東2025年及2026年非通用準則淨利潤預測分別45%和27%至253億元和392億元,維持「跑贏行業」評級,考慮到2025年公司在外賣和即時零售業務方面的投入有較大不確定性,切換估值到2026年,下調京東(JD.US)目標價15%至41美元。
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