价值投资为王
11-14
嘿，还真红了！
$京东(JD)$
@价值投资为王：
超预期的京东，怎么还大跌了？
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你看好哪几家？周四美股盘前，各热门中概表现不一，其中网易股价上扬，京东股价下跌，你会选择怎么操作？","image":"https://static.tigerbbs.com/7596ca2628000615861bc24d5fbd331c"}],"images":[{"img":"https://static.tigerbbs.com/8d8a34e4545cd2ffd58322521b5b75fa","width":"1086","height":"373"},{"img":"https://static.tigerbbs.com/b1c9d96e70a109ca70cea47fed753e34","width":"1300","height":"835"},{"img":"https://static.tigerbbs.com/a80b6ae38ccc26c422255b90ba0d51e0","width":"1234","height":"556"},{"img":"https://static.tigerbbs.com/d7d0f4b58c5917d10fb3ef41112eb3c5","width":"1233","height":"567"},{"img":"https://static.tigerbbs.com/5469037a19dae5af32bed8467481755d","width":"1243","height":"567"},{"img":"https://static.tigerbbs.com/36c6aac2babad95d07dede11062d9949","width":"915","height":"379"},{"img":"https://static.tigerbbs.com/e21793e3a2315cfef4e2d38e21bf6be2","width":"1324","height":"633"},{"img":"https://static.tigerbbs.com/767658a704a50c3cc874b11d596536ba","width":"1317","height":"618"},{"img":"https://static.tigerbbs.com/1716fef071b238dd290a034c3ec33d99","width":"561","height":"571"}],"coverImages":[{"img":"https://static.tigerbbs.com/8d8a34e4545cd2ffd58322521b5b75fa","width":"1086","height":"373"},{"img":"https://static.tigerbbs.com/b1c9d96e70a109ca70cea47fed753e34","width":"1300","height":"835"},{"img":"https://static.tigerbbs.com/a80b6ae38ccc26c422255b90ba0d51e0","width":"1234","height":"556"}],"title":"超预期的京东，怎么还大跌了？","html":"<html><head></head><body><p>刚刚，京东发布了三季报，业绩全面超预期：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8d8a34e4545cd2ffd58322521b5b75fa\" tg-width=\"1086\" tg-height=\"373\"></p>\n<p>但令人匪夷所思的是，京东盘前股价却一度大跌近5%： <a href=\"https://laohu8.com/S/JD\">$京东(JD)$</a></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b1c9d96e70a109ca70cea47fed753e34\" tg-width=\"1300\" tg-height=\"835\"></p>\n<p>发生了什么？为何超预期的财报会引来大跌？</p>\n<p>从收入上看，京东三季度为2603.87亿，同比增长5.1%，略超分析师一致预期的2597.3亿：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a80b6ae38ccc26c422255b90ba0d51e0\" tg-width=\"1234\" tg-height=\"556\"></p>\n<p>分业务来看，三季度京东零售营收2249.86亿，同比增长6.1%，略超分析师预期的2243亿：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d7d0f4b58c5917d10fb3ef41112eb3c5\" tg-width=\"1233\" tg-height=\"567\"></p>\n<p>京东物流三季度营收为444亿，同比增长6.6%，略低于分析师预期的449亿：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5469037a19dae5af32bed8467481755d\" tg-width=\"1243\" tg-height=\"567\"></p>\n<p>新业务（达达、京东产发、京喜及海外业务）营收49.7亿，同比下滑26%，但略超分析师预期的47.1亿。</p>\n<p>若安排产品类型划分，三季度电子产品及家用电器营收1225.6亿，同比增长2.7%，略超分析师预期的2035亿；日用百货营收820.5亿，同比增长8%，不及分析师预期的827亿；广告及物流收入同样不及分析师预期：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36c6aac2babad95d07dede11062d9949\" tg-width=\"915\" tg-height=\"379\"></p>\n<p>由此来看，虽然京东整体营收超预期，但主要靠电子产品及家用电器带动，其他业务悉数低于预期。</p>\n<p>利润方面，三季度毛利率为17.3%，创历史记录：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e21793e3a2315cfef4e2d38e21bf6be2\" tg-width=\"1324\" tg-height=\"633\"></p>\n<p>经营利润率4.6%，同样创记录：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/767658a704a50c3cc874b11d596536ba\" tg-width=\"1317\" tg-height=\"618\"></p>\n<p>净利润117.3亿，同比增长48%，调整后每股收益8.68元，高于分析师预期的7.42亿。</p>\n<p>由此来看，京东三季度盈利状况大超预期。</p>\n<p>不过，从细分业务的利润情况来看，三季度超预期的主要动力来自物流，当季经营利润20.86亿，经营利润率达到4.7%，远高于去年同期的0.7%；而核心主业京东零售三季度经营利润率为5.2%，与去年同期持平：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1716fef071b238dd290a034c3ec33d99\" tg-width=\"561\" tg-height=\"571\"></p>\n<p>因此，京东三季度在利润端方面也略有瑕疵。</p>\n<p>最令人意外的地方或在于费用端，今年三季度，京东销售费用达到100亿，同比增长25.7%；研发费用44亿，同比增长16%，仅行政费用同比下滑6%。</p>\n<p>销售费用和研发费用重回高增长，凸显京东增长压力较大，如果四季度营收增速不回升，京东利润高速增长阶段或告一段落。</p>\n<p>另外，从利润角度看，虽然三季度净利润同比增长48%，但主要来自毛利率的提升，如今年三季度，京东营收增长5.1%，但营业成本却只增加了3.1%。</p>\n<p>京东是如何控制住商品成本的？财报中没有给出解释，个人猜测，或跟当下通缩大环境有关，各类产品价格普遍下降。</p>\n<p>通缩助力能受益多久犹未可知，从估值上看，京东市盈率不过9倍，并不算贵，考虑到四季度开始的家电以旧换新活动以及京东物流接入淘宝，京东的好日子还能过一段时间。</p>\n<p>加上京东新批准的50亿美元回购计划，或许能上演今日腾讯财报后低开高走的局面。</p>\n<p><a href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$</a></p>\n<p> </p>\n<p> </p>\n<p> </p></body></html>","htmlText":"<html><head></head><body><p>刚刚，京东发布了三季报，业绩全面超预期：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8d8a34e4545cd2ffd58322521b5b75fa\" tg-width=\"1086\" tg-height=\"373\"></p>\n<p>但令人匪夷所思的是，京东盘前股价却一度大跌近5%： <a href=\"https://laohu8.com/S/JD\">$京东(JD)$</a></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b1c9d96e70a109ca70cea47fed753e34\" tg-width=\"1300\" tg-height=\"835\"></p>\n<p>发生了什么？为何超预期的财报会引来大跌？</p>\n<p>从收入上看，京东三季度为2603.87亿，同比增长5.1%，略超分析师一致预期的2597.3亿：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a80b6ae38ccc26c422255b90ba0d51e0\" tg-width=\"1234\" tg-height=\"556\"></p>\n<p>分业务来看，三季度京东零售营收2249.86亿，同比增长6.1%，略超分析师预期的2243亿：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d7d0f4b58c5917d10fb3ef41112eb3c5\" tg-width=\"1233\" tg-height=\"567\"></p>\n<p>京东物流三季度营收为444亿，同比增长6.6%，略低于分析师预期的449亿：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5469037a19dae5af32bed8467481755d\" tg-width=\"1243\" tg-height=\"567\"></p>\n<p>新业务（达达、京东产发、京喜及海外业务）营收49.7亿，同比下滑26%，但略超分析师预期的47.1亿。</p>\n<p>若安排产品类型划分，三季度电子产品及家用电器营收1225.6亿，同比增长2.7%，略超分析师预期的2035亿；日用百货营收820.5亿，同比增长8%，不及分析师预期的827亿；广告及物流收入同样不及分析师预期：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36c6aac2babad95d07dede11062d9949\" tg-width=\"915\" tg-height=\"379\"></p>\n<p>由此来看，虽然京东整体营收超预期，但主要靠电子产品及家用电器带动，其他业务悉数低于预期。</p>\n<p>利润方面，三季度毛利率为17.3%，创历史记录：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e21793e3a2315cfef4e2d38e21bf6be2\" tg-width=\"1324\" tg-height=\"633\"></p>\n<p>经营利润率4.6%，同样创记录：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/767658a704a50c3cc874b11d596536ba\" tg-width=\"1317\" tg-height=\"618\"></p>\n<p>净利润117.3亿，同比增长48%，调整后每股收益8.68元，高于分析师预期的7.42亿。</p>\n<p>由此来看，京东三季度盈利状况大超预期。</p>\n<p>不过，从细分业务的利润情况来看，三季度超预期的主要动力来自物流，当季经营利润20.86亿，经营利润率达到4.7%，远高于去年同期的0.7%；而核心主业京东零售三季度经营利润率为5.2%，与去年同期持平：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1716fef071b238dd290a034c3ec33d99\" tg-width=\"561\" tg-height=\"571\"></p>\n<p>因此，京东三季度在利润端方面也略有瑕疵。</p>\n<p>最令人意外的地方或在于费用端，今年三季度，京东销售费用达到100亿，同比增长25.7%；研发费用44亿，同比增长16%，仅行政费用同比下滑6%。</p>\n<p>销售费用和研发费用重回高增长，凸显京东增长压力较大，如果四季度营收增速不回升，京东利润高速增长阶段或告一段落。</p>\n<p>另外，从利润角度看，虽然三季度净利润同比增长48%，但主要来自毛利率的提升，如今年三季度，京东营收增长5.1%，但营业成本却只增加了3.1%。</p>\n<p>京东是如何控制住商品成本的？财报中没有给出解释，个人猜测，或跟当下通缩大环境有关，各类产品价格普遍下降。</p>\n<p>通缩助力能受益多久犹未可知，从估值上看，京东市盈率不过9倍，并不算贵，考虑到四季度开始的家电以旧换新活动以及京东物流接入淘宝，京东的好日子还能过一段时间。</p>\n<p>加上京东新批准的50亿美元回购计划，或许能上演今日腾讯财报后低开高走的局面。</p>\n<p><a href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$</a></p>\n<p> </p>\n<p> </p>\n<p> </p></body></html>","text":"刚刚，京东发布了三季报，业绩全面超预期： 但令人匪夷所思的是，京东盘前股价却一度大跌近5%： $京东(JD)$ 发生了什么？为何超预期的财报会引来大跌？ 从收入上看，京东三季度为2603.87亿，同比增长5.1%，略超分析师一致预期的2597.3亿： 分业务来看，三季度京东零售营收2249.86亿，同比增长6.1%，略超分析师预期的2243亿： 京东物流三季度营收为444亿，同比增长6.6%，略低于分析师预期的449亿： 新业务（达达、京东产发、京喜及海外业务）营收49.7亿，同比下滑26%，但略超分析师预期的47.1亿。 若安排产品类型划分，三季度电子产品及家用电器营收1225.6亿，同比增长2.7%，略超分析师预期的2035亿；日用百货营收820.5亿，同比增长8%，不及分析师预期的827亿；广告及物流收入同样不及分析师预期： 由此来看，虽然京东整体营收超预期，但主要靠电子产品及家用电器带动，其他业务悉数低于预期。 利润方面，三季度毛利率为17.3%，创历史记录： 经营利润率4.6%，同样创记录： 净利润117.3亿，同比增长48%，调整后每股收益8.68元，高于分析师预期的7.42亿。 由此来看，京东三季度盈利状况大超预期。 不过，从细分业务的利润情况来看，三季度超预期的主要动力来自物流，当季经营利润20.86亿，经营利润率达到4.7%，远高于去年同期的0.7%；而核心主业京东零售三季度经营利润率为5.2%，与去年同期持平： 因此，京东三季度在利润端方面也略有瑕疵。 最令人意外的地方或在于费用端，今年三季度，京东销售费用达到100亿，同比增长25.7%；研发费用44亿，同比增长16%，仅行政费用同比下滑6%。 销售费用和研发费用重回高增长，凸显京东增长压力较大，如果四季度营收增速不回升，京东利润高速增长阶段或告一段落。 另外，从利润角度看，虽然三季度净利润同比增长48%，但主要来自毛利率的提升，如今年三季度，京东营收增长5.1%，但营业成本却只增加了3.1%。 京东是如何控制住商品成本的？财报中没有给出解释，个人猜测，或跟当下通缩大环境有关，各类产品价格普遍下降。 通缩助力能受益多久犹未可知，从估值上看，京东市盈率不过9倍，并不算贵，考虑到四季度开始的家电以旧换新活动以及京东物流接入淘宝，京东的好日子还能过一段时间。 加上京东新批准的50亿美元回购计划，或许能上演今日腾讯财报后低开高走的局面。 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