《大行報告》麥格理首予京東健康(06618.HK)「跑贏大市」評級 目標價193元
麥格理發表報告,首次給予京東健康(06618.HK)「跑贏大市」評級,指出與母企京東(09618.HK)的協同下,京東健康是中國領先的醫療保健電商平台,增長勢頭強勁,增長具可見性。
該行預期,公司自營及3P平台等核心電商業務的經營利潤於2020至2023年將以99%的複合年增長率增長,收入複合年增長率亦達56%,在規模經濟下,預期公司整體經營溢利率將由2020年的4.6%上升至2023年的8.7%。
麥格理給予目標價193元,相當預測2022年企業價值對銷售8.9倍、預測2022年市盈率155倍,認為在線上醫療保健領域中,由於成本槓桿和利潤率的上升速度較快,短期內首選仍為阿里健康(00241.HK)(予評級「跑贏大市」及目標價31.5元),但長遠而言由於其價格上漲,同時看好京東健康潛在增長。
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