金吾财讯 | 交银国际表示，预计3季度京东(09618)总收入同比增13%至2946.2亿元（人民币，下同），与彭博一致预期基本一致。预计调整后净利润为42亿元，对应利润率1.4%，对比去年同期的5.1%和2季度的2.1%，略好于此前市场预期。该机构预计零售业务保持稳健增长，同比增10%，其中日百品类保持双位数增长，带电品类受去年同期国补高基数影响增速放缓。活跃买家和购频延续2季度快速增长的趋势。零售运营利润率有望实现同比提升，新业务3季度亏损规模略高于2季度，其中外卖亏损额环比缩窄，但国际及京喜投入增加。外卖3季度订单规模高于2季度，UE通过履约效率、补贴效率提升，实现亏损金额缩窄，进一步推进和零售的交叉销售，预计4季度电商大促期间或有更多联动效应。该机构维持公司目标价40美元/164港元及买入评级。
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