次新異動 | 京東健康漲超3%再創新高,機構喊出188港元目標價
uSMART盈立智投12月18日消息,次新股京東健康今日股價繼續強勢,盤中股價最高觸及145港元,再創上市以來新高,市值超過4500億,該股自上市以來股價已翻倍。
同行阿里健康自11月25日發佈季報以來,股價也連續上漲,累計漲幅達到35%,市值超過3600億。
近日,華創證券給予京東健康“強推”評級,目標價188.79港元。
集團運營狀況良好,營收高速增長且實現盈利,但目前集團淨利率較低,且零售藥房業務爲公司主營業務,故使用P/GMV估值法。預計20年-22年京東健康GMV分別爲620億元、889億元及1278億元,同比增長分別爲43.40%,43.56%及43.72%。
截至12月14日收盤,公司P/GMV爲5.60x,由於醫藥電商國內缺乏可比公司,參考阿里健康P/GMV 2.58x進行參考,同時考慮到京東健康自營業務佔比較高,給予一定估值溢價。預計未來P/GMV將維持5.60x,預計2021年集團GMV約爲1053.91億港元,則對應市值爲5,903億港元。
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