《大行報告》大和降阿里健康(00241.HK)評級至「持有」 目標價削至4.2元
大和發表研究報告指,由於商家轉換、用戶偏好及市場競爭,阿里健康(00241.HK)第三方市場業務前景疲弱,認為在當前監管環境下,阿里健康從母企阿里-SW(09988.HK)生態圈獲取用戶流量愈來愈難,令截至3月底止全年度第三方市場業務收入僅增長2%,下半財年更按年跌5%。
該行又指,內地疫情下封城措施及物流中斷令用戶消費習慣產生變化,相對於產品的選擇,現時用戶更加關心物流的可靠性和產品的質素。大和認為,雖然阿里健康擁有較穩健的直銷業務,但消費者普遍仍視其為一個平台,加上從母企引流用戶存在挑戰,令直銷業務用戶增長亦放緩。
管理層2023財年收入增長指引不少於20%,當中直銷業務收入預期增長24%至25%,目標是在2023財年扭虧為盈。大和表示,第三方醫藥電商平台業務前景平平,因此決定將2023至2024財年收入預測削減8%至14%,目標價從15元大削至4.2元,評級由「買入」連降兩級至「持有」。
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