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《大行報告》瑞信下調阿里健康(00241.HK)目標價至6元 評級「跑贏大市」
阿思達克 05-30 09:48
瑞信發表報告指,截至3月底止下半財年阿里健康(00241.HK)收入按年增長34%至112.21億元人民幣,遠超該行預期,而淨虧損亦大幅收窄至3,400萬元人民幣。該行料上財年下半年處方藥、非處方藥、非藥物銷售分別增長94%、1%及51%。當中非處方藥增長面臨壓力,而多元化的創新服務則推動了健康護理和數字服務的增長。 瑞信指,網絡處方藥銷售政策最終定案所用時間確定比想象的要長,因為須與最終的《藥品管理法實施條例修訂草案》一致。在線醫療諮詢政策可能會在北京疫情改善後發布。 該行將阿里健康2023和2024財年的淨虧損預測分別縮減40%和63%,主要原因是毛利率提高和成本比率降低。同時下調長期的收入和純利增長預測,以反映短期內的增速放緩,目標價相應從8港元下調至6港元,維持「跑贏大市」評級。
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