高盛发布研报称，京东集团-SW（09618）管理层预期，京东零售第三季度受以旧换新补贴高基数消退带动，收入增长转正，第四季度比较基数进一步宽松，但电子产品平均售价通胀或成为需求变数。高盛维持京东“买入”评级，目标价169港元。
管理层表示，高端手机及个人电脑芯片供应紧张推高价格。苹果新品由10月中旬出货，较去年iPhone 17于9月中旬出货迟约一个月，或意味着9月基数较硬，但10月有望受益。长期而言，公司继续以通过市占率提升、市场平台/广告及服务收入实现双位数增长为目标。一般商品方面，管理层承认，增长由连续双位数放缓至第二季度的5.6%，但仍有信心增长从第二季度水平改善。
高盛指出，供应链效率、品类组合改善及较高利润率服务预计支持毛利率进一步改善，预计经营利润率大致稳定，因毛利率扩张被研发开支比率上升抵销。根据管理层目标，京东零售长期经营利润率将达到高单位数。外卖方面，该行指出，订单按序健康增长、补贴下降及履约效率改善。
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