《大行》里昂降京東(JD.US)目標價至41美元 維持「跑贏大市」評級
里昂發表報告指,受惠於618購物節的強勁表現,預期京東-SW(09618.HK)(JD.US)第二季總收入將按年穩健增長15.9%至3,380億元人民幣(下同)。受惠於以舊換新的補貼政策和客流增加,電子產品和日用百貨的銷售額都有雙位數增長。然而,經調整Ebit可能較去年同期下跌66%至40億元。
報告指,儘管京東零售利潤可能年增16%至120億元,京東物流利潤可能穩定在20億元,但隨著積極的按需促銷,新業務虧損可能急升至100億元。該行下調對京東2025或2026年淨利潤預測分別41%及21%,對京東美股目標價由45美元下調至41美元。考慮公司估值低企,僅相當於預測明年經調整市盈率8.8倍及擁有龐大淨現金,維持「跑贏大市」評級。
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