一文了解券商对阿里健康(00241.HK)公布业绩後最新观点、评级及目标价
阿里健康(00241.HK)今早股价受压，盘中曾低见20元一度下挫8.5%，最新报20.25元跌7.3%，瑞银指公全年度绩逊(特别是收入)预期及料市场反应负面，市场关注公司今早分析员会议上最新增长策略。阿里健康昨晚公布截至今年3月止全财政年度业绩，收入155.18亿人民币按年增加61.7%；毛利36.17亿人民币增加62.1%。录得纯利3.49亿人民币，相对上一年度亏损659万元，亏转盈；每股盈利2.63分人民币。不派末期息。
阿里健康首季经调整後利润净额达到6.307亿人民币，按年增长198.5%，电商平台业务GMV按年加速增长47.5%，以「阿里健康」品牌运营的自营药房之药品收入占比提升至64.8%，药品收入按年加速增长86.1%。截至2021年3月31日，天猫医药平台的年度活跃消费者数量已超过2.8亿，按年增长9,000万人。
【收入逊於预期 关注增长指引】
美银证券指，阿里健康2021财年下半财年业绩逊於市场预期，主要是医药自营业务收入增长放缓及毛利率所影响。瑞信指阿里健康2021财年收入低於该行原预期7%，指医药自营业务呈增长放缓，并料医疗健康服务业务短期缺乏变现举措，将关注公司2022财年首季会否呈增长放慢情况，及管理层於今早分析员会议上最新增长策略。
瑞银发表报告表示，阿里健康2021财年收入增长低於预期；阿里健康直销、平台、医疗保健服务及数字基础设施业务按年增长62%、68%、12%、34%。全年度毛利率23.3%(低於该行原预期23.9%)，经调整後利润净额6.31亿人币，低於该原预期8.2亿人民币，主要是销售及市场推广支出较高，料市场对业绩反应负面，并待管理层在今早分析员会议上所给予前景指引，维持对其「买入」评级及目标价26元。
大和指阿里季绩好坏参半，全年度收入按年升62%录155亿人民币，低於市场同业预期7%，即2021财年下半财年收入增长仅53%(对比2021财年上半财年收入增长74%)；正面因素为其经调整毛利率4.1%(对比2020财年2.8%)。
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本网最新综合4间券商其投资评级及目标价：
券商│投资评级│目标价(港元)
大和│买入│32.8元
瑞信│跑嬴大市│30元
美银证券│买入│29元
瑞银│买入│26元
券商│观点
大和│收入增长逊预期
瑞信│上财年收入低於预期，直接销售平台出现放缓
美银证券│调整後利润低於预期与药品直销业务有关
瑞银│上财年收入略低於预期，料市场反应负面
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