中信證券：預計百億補貼對京東利潤影響可控

金十數據
2023.02.23 07:30
金十數據 2 月 23 日訊，中信證券研報指出，近期 36 氪報道京東近期將於 3 月初推出 “百億補貼”。如若消息屬實，我們測算中性假設下，2023E“百億補貼” 帶來增量 GMV2,500 億元，增量收入 672 億元，補貼支出 60 億元，京東零售 OP 減少 35 億元，對應 OPM 下滑 53bps。行業競爭角度來看，價格競爭力是電商平台的命脈所在，補貼短期或對於平台 OPM 有所侵蝕，但長期是公司鞏固市佔率的重要舉措。近期公司股價有較為明顯回調，建議關注估值調整下的投資機會。
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