《大行報告》大摩上調阿里健康(00241.HK)目標價至6元 評級「減持」
摩根士丹利發表報告指出,阿里健康(00241.HK)2023財年上半財年收入按年增長22.9%至115億元人民幣,符合預期。毛利率持平於20%,略低過預期,主要由於規模效應抵銷直銷業務和處方藥的快速增長。在審慎的成本控制下,公司經調整盈利達3.49億元人民幣,超過預期。
該行認為,阿里健康近期盈利或有所提升,但加速見頂,另認為近期的監管影響可控,雖然內地對藥品網絡銷售監督管理辦法於12月1日起實施,但當中對「平台不能直接經營藥品售」仍在商討中,發布時間未明。而在宏觀環境充滿挑戰的情況下,公司將每用戶平均收入(ARPU)及成本控制(如更多數碼化)定為關鍵優先事項。
此外,摩根士丹利對阿里健康的收入預測基本不變,對其目標價由5.5元上調至6元,維持「減持」評級。
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