京东集团-SW(9618.HK):国补+外卖流量推动电商持续高增 外卖大幅投入拖累利润

东方证券
17 Jul

核心观点:Q2 以来公司持续加大外卖补贴力度对公司25-26 年利润产生了较大的拖累。虽然Q2 电商主业增速仍然延续Q1 良好趋势,我们判断来自国补的换新需求环比持续减弱,Q2 主站增长存在一部分来自外卖流量的贡献。25H2 国补基数拉平后公司主业增速或将进一步放缓,外卖投入拖累利润导致25-26 年公司业绩均有承压,我们对应下调了目标价但维持“买入”评级。预计Q2 集团收入增长良好,但利润因外卖...

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