智通财经APP获悉，招商证劵国际发布研报称，维持京东集团-SW(09618)目标价209港元，上涨空间为53%，评级为“增持”。即将到来的618大促将成为观察公司战略调整的关键时点，核心业务估值具吸引力，股东回报潜在收益率达7.6%。
报告指，京东2025年第一季业绩超预期，收入同比增16%，超预期4%。京东零售收入同比增16%，超预期5%。毛利润同比增20%，毛利率同比扩大0.6个百分点至15.9%。该行指，近期在外卖业务上的加大投入已初步取得令人满意的成果，订单量突破2000万单大关。考虑到京东零售和外卖业务，该行将2025/26财年收入预测上调约2%及3%，预计2025/26财年京东零售收入同比增14%及11%。
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