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《大行報告》麥格理下調京東健康(06618.HK)目標價至57.4元 評級「中性」
阿思達克 08-26 10:34
麥格理發表研報指,京東健康(06618.HK)上半年業績表現穩健,非國際會計準則下純利高出該行預期35%。 雖然京東健康繼續以高於行業的增長速度,贏得消費者的關注,但考慮到消費趨勢疲弱及監管因素不確定性,管理層對下半年增長前景變得更加保守,下半年收入增長指引為按年提升32%至39%,處於市場預期低端。 該行認為,直銷業務將持續跑贏第三方銷售業務,預期2022至2024年收入年複合增長率將達到30%,但由於產品組合改變,料短期內毛利率被攤薄。 麥格理將今明兩年收入分別上調3%及下調3%,盈利上調19%及2%,維持「中性」評級,目標價降7%至57.4元。
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