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富瑞:維持京東(9618.HK)“買入”評級 目標價426港元
格隆匯 06-02 17:05

富瑞發表研究報吿,重申對京東(9618.HK)零售長遠利潤率表現看法樂觀;至於社區團購新業務將以追求投資回報率為重點戰略,相信未來需要進行投資,而具有大量用户和收入增長機會的低線城市滲透度將成關鍵,維持其“買入”評級,目標價為426港元。

富瑞表示,京東零售已從非必需消費品轉向必需消費品,快速消費品和超市類別繼續表現良好,首季一般商品類別兩年複合年增長為36%。而京東追求開放平台戰略,故預期會有更多品牌加入其平台,並估計集團次季零售收入將按年增長約17%。另外,隨著去年下半年對京東物流(2618.HK)的新投資,預計需時6至9個月來提高其利用率,並料今年次季利潤率將按季有改善。

該行又指,首季京東年活躍客户近5億人,相信仍有一定的增長空間,而首季有81%的新用户來自低線城市;儘管新客户稀釋了每位買家的整體商品交易額,但情況仍可控。此外,集團社區團購已覆蓋17個城市,雖然相關業務的推出較同行落後兩個季度,但其社區團購的投資回報率更好。

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