富瑞:首予京東健康(6618.HK)買入評級 目標價184港元
富瑞發表研究報吿指,京東健康(6618.HK)在醫療、互聯網以及消費等中國增長最快的行業進行了綜合佈局,同時還涉足線上醫療和藥店,更重要的是,公司已經盈利且未來市佔率有望進一步擴大。該行首予其買入評級,目標價184港元。
富瑞預計,京東健康2019-22年的銷售額和經調整後淨利潤年均複合增長率分別為49%和26%,在中國醫療需求爆發之際,線上醫藥對於中國提高行業效率十分關鍵,京東健康在這個領域已具備品牌和先發優勢,從收入看,2019年公司已經是中國最大的線上醫療平台,與同行相比,京東健康的滲透度、淨利潤增速和淨資產收益率都比同行更高。

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