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《大行報告》匯豐研究:處方藥線上銷售監管收緊 降阿里健康(00241.HK)及京東健康(06618.HK)目標價
匯豐發表研究報告指出,根據《中國證券報》,《藥品網絡銷售監督管理辦法(徵求意見稿)》已完成徵求意見階段,並正等待最終批准,最早將於2021年12月實施,當中關鍵的變化包括更嚴格的處方藥採購流程(不能向沒有處方的用戶顯示藥物信息)、加長線上銷售禁用藥物名單,以及獨立包裝,相信短期內將擾亂使用者的習慣。 該行相信,有關的監管變化可能會令處方藥的線上滲透率增長放緩,或會減低電子藥店的收入增長。報告稱,京東健康(06618.HK)過往曾指處方藥貢獻約10%的平台銷售總額,並指引繼上半年收入按年升55%後,維持全年收入增長指引介乎45%至50%;另阿里健康(00241.HK)或亦面對影響,據該行估算,處方藥料佔其銷售約10%至15%;匯豐更新估算模型,下調阿里健康2022至2024財年各年收入預測分別11%、6%及6%,下調京東健康同期各年收入預測分別3%、2%及2%。 匯豐另維持阿里健康及京東健康各「買入」評級,惟將阿里健康的目標價由24元,降至18.5元,將京東健康目標價由140元,降至137元,當中較為看好京東健康,因其收入來源多元化,估計收入增長更具防守性。
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