《大行報告》瑞銀下調京東健康(06618.HK)目標價至70元 評級「買入」
瑞銀髮表報告指,市場可能對京東健康(06618.HK)在充滿挑戰的環境中實現增長的能力過於悲觀,維持「買入」評級,目標價由138元下調至70元,以反映監管壓力和宏觀經濟疲軟。
該行指,目標對京東健康今年市銷率4.3倍,高於同業,反映京東健康具更好的增長前景和戰略定位。同時將2022年至2024年的收入預測提高2%至4%,並因效率提高和成本節約而提高經調整淨利潤預測。
雖然瑞銀在消費預期疲軟和監管收緊下,對今年境內互聯網醫療持謹慎態度,但認爲在未來三年內,京東健康可以跑贏同行,並實現38%的收入年複合增長率,歸功於其電子商務業務模式;領先的第一方關係(1P)業務和供應鏈;以及專業的在線服務能力。
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