--- title: "《大行》摩通微調京東今年營收微調至年增 4% 得益於非電子產品等增長動能" description: "摩根大通微調京東 2023 年營收預測至年增 4%，受益於非電子產品的增長。預計京東去年第四季營收年增 2%，高於預期。調整後每股盈利下調 9%，反映阿里對即時零售市場的影響及京東國際業務擴展。預計新業務虧損將從 460 億元收窄至 390 億元。摩通未給予京東投資評級及目標價。" type: "news" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/272486808.md" published_at: "2026-01-14T02:22:20.000Z" --- # 《大行》摩通微調京東今年營收微調至年增 4% 得益於非電子產品等增長動能 > 摩根大通微調京東 2023 年營收預測至年增 4%，受益於非電子產品的增長。預計京東去年第四季營收年增 2%，高於預期。調整後每股盈利下調 9%，反映阿里對即時零售市場的影響及京東國際業務擴展。預計新業務虧損將從 460 億元收窄至 390 億元。摩通未給予京東投資評級及目標價。 摩根大通發表研報指，預計京東-SW(09618.HK) 去年第四季營收年增 2%，略優於該行去年底預測的 1%。因對阿里 (09988.HK) 2025 年第四季核心電商營收的最新看法表明，京東綜合商品及平台、營銷收入所面臨的壓力低於預期；期內，預測該部分收入按年增長將超過 10%，且京東調整後淨利總額仍約為 10 億元人民幣 (下同)。 摩通將京東今年營收預測微調至按年增長 4%，主要得益於其非電子產品/家電類營收的增長動能；但同時將調整後每股盈利下調 9%，以反映阿里對即時零售市佔率的承諾，及京東計劃加速發展其國際業務 (主要為歐洲的 Joybuy)。 作出更新後，摩通對京東 2026 年調整後每股盈利增長率約為每年增長 20%，反映京東零售營業利潤年減 2%；預計新業務虧損將從去年的 460 億元收窄至今年 390 億元，因該行認為外賣/即時零售業務的虧損收窄，將部分被國際投資虧損的增加所抵消。該行無給予京東投資評級及目標價。 ### Related Stocks - [JD.US - 京東](https://longbridge.com/zh-HK/quote/JD.US.md) - [09618.HK - 京東-SW](https://longbridge.com/zh-HK/quote/09618.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | JD.com Launches JoyExpress Delivery Service in Europe | JD.com Inc. has launched JoyExpress, an express delivery service in Europe, initially supporting its Joybuy online retai | [Link](https://longbridge.com/zh-HK/news/275471227.md) | | JD.com's Jingdong Property files for Hong Kong IPO | Jingdong Property, a logistics infrastructure manager majority-owned by JD.com, has filed for an IPO in Hong Kong. This | [Link](https://longbridge.com/zh-HK/news/273788129.md) | | Did Analyst Upgrades and Metal Price Tailwinds Just Shift Coeur Mining's (CDE) Investment Narrative? | Recent analyst upgrades for Coeur Mining, alongside rising gold and silver prices, have shifted focus on the company's c | [Link](https://longbridge.com/zh-HK/news/275995095.md) | | A Goldman Sachs partner in technology shares the skills young job seekers need in the AI workplace | A Goldman Sachs partner in technology shares the skills young job seekers need in the AI workplace | [Link](https://longbridge.com/zh-HK/news/275976341.md) | | 150,899 Shares in Cornerstone Strategic Investment Fund, Inc. $CLM Bought by WJ Financial Advisors LLC | WJ Financial Advisors LLC acquired 150,899 shares of Cornerstone Strategic Investment Fund, Inc. (NYSEAMERICAN:CLM) duri | [Link](https://longbridge.com/zh-HK/news/275978728.md) | --- > **免責聲明**：本文內容僅供參考，不構成任何投資建議。