金吾财讯 | 京东(JD)盘前上涨2.67%，最新报32.35美元，盘前成交额6.16亿美元。消息面上，摩根大通研究表示，京东第一季度总收入为3157亿元，同比增长5%，分别较摩根大通及市场一致预期高出2%和1%。调整后营业利润为56亿元，较其预测高出177%，调整后营业利润率为1.8%，远超摩根大通预期的0.7%%。该行指出，此次京东业绩确立了三大条件：零售利润率的可持续性、新业务亏损收窄路径的可靠性，以及高利润率服务抽佣率的加速提升。摩根大通预计此次业绩将推动市场对京东收入及盈利的一致预期在未来几个季度上调双位数。该股当前股价对应的2027年预期市盈率仅为8倍，摩根大通认为这一估值尚未反映上述结构性改善趋势，并将估值上调纳入预期。该行将京东美股目标价维持在38美元，对应9倍2027年预期市盈率(三年均值)，折合11倍2026年预期市盈率。摩根大通指出，京东当前8倍的2027年预期市盈率隐含了市场对盈利改善趋势的定价不足，认为市场一致预期乃至摩根大通自身的盈利预测均存在上行风险，股价具有上行空间。
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