《大行》中金維持京東(JD.US)「跑贏行業」評級 次季收入及利潤勝市場預期
中金髮表報告指,京東-SW(09618.HK)(JD.US)第二季收入按年增長22.4%至3,567億元人民幣(下同),高於市場預期6.4%,主要受國補政策和618購物節的帶動,以及受益於新業務的增量貢獻;非通用準則淨利潤74億元,按年減少49%,超市場預期33.5%,非通用準則淨利潤率2.1%,按年和按季均有所下滑,主要受外賣業務較大投入規模的拖累。
報告指,公司宣佈京東外賣業務二季度高峯日訂單量達2,500萬單,入駐門店數已超過150萬,全職騎手數量突破15萬人;此外7月京東推出七鮮小廚對餐飲外賣市場進行供應鏈模式的創新。該行認爲考慮到即便京東外賣後續沒有參與7月更爲激烈的外賣市場競爭、UE趨勢可能有所改善,但是外賣單量規模依舊可觀,以及七鮮小廚等供應鏈方面的投入,預計新業務虧損幅度仍將維持較高水平,受此影響集團第三季和全年經調整淨利潤率分別約爲1.3%和2%,按年均有所回落。
考慮主業盈利能力穩健,該行上調京東2025年經調整淨利潤預測6.5%至270億元;因新業務持續投入,下調2026年2.1%盈利預測至384億元;考慮京東零售韌性,維持予美股「跑贏行業」評級和目標價41美元。
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