《大行報告》匯豐研究下調阿里健康(00241.HK)目標價至5.5元 評級「買入」
匯豐研究發表研究報告,指阿里健康(00241.HK)2022下半財年盈利遠勝預期,受惠直銷業務增長穩健。但面對疫情影響、宏觀經濟放緩及來自母公司的引流放緩,該行預計阿里健康收入增長將放慢,特別是第三方平台業務預期較受影響。
考慮到潛在的監管影響,該行將2023至2025財年營業收入預測下調9%至15%,不過由於營銷成本降低及投資策略轉向保守,匯豐研究上調2023至2025財年盈利預測至每股1分、2分及4分人民幣,預期扭虧時間表將2025財年提前至2023財年。
該行表示,透過增強供應鏈能力以及與製藥公司加深合作,將有利於提升直銷業務毛利率,維持「買入」評級,目標價則由8.7元下調至5.5元。
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