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《大行》里昂:京東(09618.HK)如收購Ceconomy將增加投資支出
阿思達克 07-25 11:27
里昂研究報告指,京東(09618.HK)(JD.US)據報正就以約22億歐元(折合26億美元)收購德國電子產品零售商Ceconomy AG進行深入談判,而Ceconomy已發聲明確認。該行認為,京東與同業不一樣,其優勢在於自營模式,而且公司持續探索海外實體零售併購,此前曾洽購英國電子零售商Currys。 該行指,Ceconomy 2024/25財年上半年銷售額按年升5.6%至128億歐元,經調整EBIT達2.89億歐元,利潤率為2.3%,其年化經調整EBIT約佔京東2024年的約5%。而2024/25財年Ceconomy線上銷售佔比約為25%,按年增12.5%;該行認為京東希望藉助其海外物流系統,來提升Ceconomy的線上銷售。 報告提到,截至2025年首季,京東持有淨現金1,650億元人民幣(折合230億美元)。但實體門市營運和擴張具挑戰性,尤其於歐洲,而且Ceconomy收入增長溫和。京東今年次季的內地外賣業務已虧損100億元人民幣,國際擴張可能導致更多投資支出。該行予京東美股「跑贏大市」評級,目標價41美元。
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