大和:上調京東健康(6618.HK)評級至優於大市 目標價130.5港元
大和發表研究報吿指,京東健康(6618.HK)通過利用京東(9618.HK)廣泛的供應鏈、全國性網路進行直銷,從而在醫療保健價值鏈中建立了強大的供應鏈基礎架構,將可令客户更易獲得優質和負擔得起的醫療保健產品、合作伙伴可根據用户需求來定製產品或服務,以及有助提高運營效率;同時線上營銷料亦料成為公司的主要亮點之一,故將其評級由“持有”上調至“優於大市”,但將目標價由148.2港元下調12%至130.5港元。
大和認為,京東健康在線上營銷方面具有豐富經驗,帶動去年線上營銷收入實現三位數的增長,而其他同業相關業務拓展有限。公司提供其品牌合作伙伴有效的分銷渠道、一站式營銷解決方案,涵蓋藥物諮詢、藥物購買和回購等,以及終端運營解決方案來提高合作伙伴的效率。隨着與更多合作伙伴合作和認可度提高,預期線上營銷業務將在未來三年內超過整體收入增長。
大和又指,京東健康決心加強其在線醫療服務,儘管目前尚未開始變現,但已看到使用在線醫療服務的用户ARPU和購買頻率較未使用的用户為高。該行上調京東健康今、明兩年收入預測5至7%,以反映較快的流量增長及線上營銷業務增長強勁。

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