大行評級|美銀:上調京東目標價至188港元 末季盈利可見度改善
美銀證券發表研報指,京東今年第三季度淨收入按年升5.1%,符市場預期。當中,京東零售收入按年升6.1%,較第二季度的1.5%增幅有所加快,主要由於自營平台(1P)電子及家用電器類別,自9月起在補貼“以舊換新”計劃推動下恢復增長。上述表現反映中央補貼將繼續有利於京東第四季度的電子及家電銷售,甚或可持續至2025年。美銀證券表示,維持京東收入預測基本不變,並將其2024至2026財年非通用會計準則(non-GAAP)淨利潤預測提高9%至23%。另外,美銀證券將京東H股目標價由173港元上調至188港元。考慮第四季收入料因補貼全面影響而加快增長,且末季盈利可見度改善,利潤率有望擴張,估值僅相當於預測今明兩年non-GAAP市盈率分別8倍及7倍屬吸引,重申“買入”評級。
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