《大行報告》匯豐研究料內地互聯網醫療監管年底前迎更多修訂 重申京東健康(06618.HK)「買入」評級
匯豐環球研究發表報告表示,近日與京東健康(06618.HK)首席財務官曹冬及投資者關係總監進行會面,投資者主要關注內地監管風險,雖然短期仍會面臨潛在不明朗,但該行引述京東健康管理層指隨著更清晰的監管基建下,公司未來會迎來更多與地方政府的合作機會。該行認為,由於內地監管機構試圖將線上和線下運營商之間的利益和公平待遇作出平衡,相關規則可能會在最終確定,並在今年12月初生效之前進行更多修訂。
該行指,京東健康管理層給予收入增長45%至50%指引,指除了內地監管變化,今年下半年增長面臨與去年相比的艱難競爭,即受到新冠疫情影響相關用品銷售下降,今年上半年醫療器械收入僅按年增長20%,而對3P(Third-Party Marketplace(平台模式))業務的影響更大。
京東健康管理層稱對今年淨利潤率目標指引為3%,對比上半年為4.9%,指產品組合的轉變和促銷力度對上半年的毛利率造成壓力,但京東健康認為不會進一步惡化,指長期目標仍可以實現。至於互聯網醫院項目方面,公司指有10多個項目在營運,並與不同專業和級別的醫院合作,在需要時為他們提供定制的解決方案,但指相關業務目前貨幣化仍然具有挑戰。
匯豐環球研究重申對京東健康「買入」評級及目標價140元。
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