《大行報告》中金:內地疫情多地散點復發 拖累電商首季線上復甦進程
中金髮表報告指,3月內地疫情多地散點復發,拖累電商首季線上復甦進程。目前疲弱的消費趨勢加上疫情帶來供應鏈衝擊,料多數公司會在上半年確認業績低點。下半年考慮到電商有望爲全年經濟增長目標的達成貢獻重要力量,以及去年下半年低基數因素,業績有望見底回升。
中金建議關注短期阿裏巴巴(09988.HK)、唯品會(VIPS.US)和寶尊電商-SW(09991.HK)估值修復機會,及公司加碼的大額回購計劃對市場信心的提振。
該行亦建議關注京東(09618.HK)在大股東減持拋壓的影響逐漸消除後,基於供應鏈能力持續跑贏市場增速的基本面表現,以及市場情緒企穩後此前估值過度調整的拼多多(PDD.US)資金面迴流的機會。
3月內地線上實物商品銷售額按年增長2.9%,主要受到疫情期間倉儲物流不暢的影響。而線下零售額按年下滑5.6%至2.5萬億元人民幣,較首兩月的按年增長5.2%明顯下滑。
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