《大行報告》大摩上調阿里健康(00241.HK)目標價至26元 評級「增持」
摩根士丹利發表研究報告指,阿里健康(00241.HK)中期業績符合預期,銷售額按年增長74%,經調整淨利潤增長2.69倍,主要是受強勁的電商平台成交總額及直接銷售增加所推動。
報告指,阿里健康通過利用其母公司的資源,期內加強供應商網絡、物流能力和服務範圍,有助拓展業務。大摩表示,國家藥監局及醫保局發布指引,符合要求的互聯網醫療機構的線上診療服務獲納入醫保基金支付範圍,阿里健康可成為政策主要受益者,公司已於青島及廣州,將線上O2O藥品銷售連接個人社保戶口,料未來會將網絡延展至其他城市。
該行上調阿里健康的2021至2023財年平台銷售預測約7%至16%,考慮到直銷業務產品組合調整後毛利率提升,將集團整體毛利率預測上調3個百分點,毛利預測上調4%至10%,目標價由21.4元升至26元,評級「增持」。
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