《大行》海通國際料京東(JD.US)次季收入增幅放緩至14.6% 目標價降至45美元
海通國際發表研究報告,預測京東(09618.HK)(JD.US)第二季收入將按年增長14.6%至3,339億元人民幣,主要受電子產品及日用百貨穩健需求帶動,增幅略低於首季的15.8%;非通用會計準則下經營利潤及淨利潤預計達到57億及43.6億元人民幣,經營利潤率及淨利潤率料分別錄1.7%及1.3%,均較首季下滑,相信是由於外賣業務投資及補貼增加所致。
海通國際將京東全年淨利潤預測下調至240億元人民幣,指出外賣業務首次錄得完整季度貢獻,期內日均訂單量從500萬單大幅增至2,500萬單,但季度虧損預料超過100億元人民幣,將拖累集團整體盈利表現,同時預期未來家電補貼持續,但高基數效應或影響下半年電子產品增長。該行維持京東的「跑贏大市」評級,美股目標價下調至45美元,以反映外賣競爭加劇帶來的利潤壓力。
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