《大行报告》高盛首予京东健康(06618.HK)「中性」评级 目标价139元
高盛发表研究报告指,首次给予京东健康(06618.HK)「中性」评级,认为京东健康有望从内地医疗电商及线上服务平台市场未来5年的快速增长中受惠,加上母企京东集团(09618.HK)地位及物流能力,可支持公司继续占据领先线上药房地位。
惟该行亦提到,线上医疗保健市场虽快速发展,但目前行业尚处於初期萌芽状态,各种法规及竞争丛生,目前风险因素未明,以SOTP估值法给予目标价139元,较现价水平有约2%下行空间,预计2019至2022年收入及毛利复合年增长率分别达55%及53%的增长。
高盛预期,京东健康将加大投入以争取更多市占率,令其非国际会计准则净利润率於2020至2022年仅达1%至1.6%,至2025年回升至4%,推动市场份额由2022年的20%提升至2025年的30%。
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