《大行报告》大摩上调阿里健康(00241.HK)目标价至26元 评级「增持」
摩根士丹利发表研究报告指,阿里健康(00241.HK)中期业绩符合预期,销售额按年增长74%,经调整净利润增长2.69倍,主要是受强劲的电商平台成交总额及直接销售增加所推动。
报告指,阿里健康通过利用其母公司的资源,期内加强供应商网络、物流能力和服务范围,有助拓展业务。大摩表示,国家药监局及医保局发布指引,符合要求的互联网医疗机构的线上诊疗服务获纳入医保基金支付范围,阿里健康可成为政策主要受益者,公司已於青岛及广州,将线上O2O药品销售连接个人社保户口,料未来会将网络延展至其他城市。
该行上调阿里健康的2021至2023财年平台销售预测约7%至16%,考虑到直销业务产品组合调整後毛利率提升,将集团整体毛利率预测上调3个百分点,毛利预测上调4%至10%,目标价由21.4元升至26元,评级「增持」。
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