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想賺錢這隻中國電商股必須納入投資組合

這隻電商股在疫情下依然大放異彩,於投資組合必不可缺。 – JD.com shares

新冠肺炎疫情為實體經濟帶來衝擊,電商產業卻在疫市中鋒芒畢露,中國第二大電商——京東(SEHK:9618)公布今年第二季業績,表現如何?值得投資嗎?

受惠疫市推動增長

京東在中國電商市場的排名僅次於阿里巴巴,但擁有規模龐大的自營零售業務,是中國零售商龍頭。新冠肺炎疫情下,大眾外出意欲下降,電商平台成為大眾釋放消費力的重要渠道,這為電商產業帶來強烈順風,京東因而受惠。在今年第二季,京東的收入按年增加逾30%至2,011億元(人民幣·下同),經營利潤上升至50億元,同比增長逾100%,而股東應佔淨利潤則擴張逾2,600%至164億元。

規模效益顯著加強

京東的利潤增幅相當強勁,反映旗下業務的規模效益顯著加強。電商競爭激烈限制商品定價,京東擁有的自營零售業務過去的邊際相當低,集團推動平台滲透的策略亦限制了零售業務的利潤率。疫市中大眾的消費需求由線下零售轉至線上渠道,據京東所公布,期內年度活躍用戶數按年增加近30%至約4.2億個,6月份的手機每日活躍用戶更錄得40%同比增長。用戶量大增,平台零售額顯著擴張,京東得以在疫市中實現「薄利多銷」,經營利潤率由去年的2.1%上升0.7個百分點至2.8%。

長線增長前景明朗

雖然疫市帶來的行業順風只屬於短中期因素,但京東平台在疫市加強滲透,有利京東部署捕捉中國內需增長的大趨勢。集團在期內的日用百貨商品銷售收入錄得約45%同比增長,勝於集團的整體營業額增速,這反映疫市期間中國消費者利用京東旗下平台應付日常消費的意欲及依賴度有所增加,用戶黏性加強有望提升京東平台的留存率。京東的平台用戶基數雖非市場第一,但逾4億活躍用戶足以讓集團成為中國消費需求擴張及升級的贏家之一,規模經濟效益持續加強將可延續京東期內的強勢增長。

結語

內循環的大趨勢或可在疫後延續電商的行業順風,京東在今年第二季所實現的強勁業務增長有望延續,長線業務前景明朗有利支持股價。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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