金吾财讯 | 野村研报指，预测京东(09618)2025年第二财季电商业务稳健；外卖业务(FD)投资昂贵，估计，第二财季，京东电商业务(京东零售[JDR])可能保持强劲势头，营收增长近17%，经营溢利增长15%。该行认为，京东零售的两大类别电子产品(EG)和百货商品(GM)表现良好，预计收入将分别年增18%和15%。然而，根据该行的估计，新的外卖业务(FD)计划可能造成逾100亿元人民币的亏损，从而将京东的合并净利润同比拖累60%至58亿元人民币。京东尚未提供有关其FD投资前景的指引，只是表示其专注于以健康和可持续的方式增加订单量。根据野村的估计，其FD订单量可能约为2000万/天，相当于FD和快速商务(QC)市场总和的约10%的份额。该行将美股目标价由52美元下调13.5%至45美元，维持“买入”评级。
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