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京東Q4業績穩健,中金降美股目標價,花旗稱中概股監管導致拋售
uSMART盈立智投 03-11 10:12

京東在公佈季度業績後,隔夜ADR大跌。中金公司和花旗在報告中均認爲,京東的非通用準則下歸母淨利潤表現穩健;但花旗表示,市場認爲公司年度活躍用戶的增長令人失望及中概股監管可能是隔夜股價拋售的原因,中金公司也下調了京東的盈利預測和目標價,主因宏觀不確定性和市場環境低迷。

3月10日,京東公佈了2021年Q4財報。營收爲2759億元,同比增長23.0%;淨虧損爲52億元,去年同期淨利潤爲243億元;Non-GAAP淨利潤爲36億元人民幣,去年同期爲24億元人民幣。

中金分析師白洋等在報告中指出,

京東四季度收入符合預期,主要受益於強勁的自營銷售、傭金廣告收入以及物流收入;非通用準則淨利潤超出預期,主要得益於有效的費用控制及新業務虧損少於預期。

由於宏觀不確定性,分別下調公司今明兩年非通用準則淨利潤2.3%和1.4%,至216億元和310億元人民幣。

由於市場環境低迷,下調美股目標價6.4%至88美元,維持跑贏行業評級。

花旗分析師Alicia Yap等在報告中指出,

儘管花旗認爲京東四季度業績穩健,但華爾街似乎認爲年度活躍用戶的增長令人失望,疊加中概股退市擔憂,股價遭到拋售。

儘管公司對整體增長保持彈性具有信心, 但今年上半年將可能面臨高基數的問題。

分別下調公司今明兩年非通用準則淨利潤1.2%和4.1%。看好京東能夠在疲弱的宏觀環境中度過難關,重申買入評級,目標價99美元。

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