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《大行報告》花旗下調阿里健康(00241.HK)目標價至9.5元 評級「買入」
花旗發表研究報告指,阿里健康(00241.HK)2023財年收入按年增30.1%至268億元人民幣;淨利潤為5.34億元人民幣,高於早前所公布的盈利預告;毛利率由20%增至21.3%,銷售及行政支出比率從2022財年的11.5%降至2023財年的8%,這主要是由於營銷費用比率減少。由於22年12月至23年1月期間疫情相關產品的物流費用增加,履行成本比率從2022財年的10.2%,增加到2023財年10.9%。 報告提到,根據管理層指引,2024財年將實現雙位數的收入增長和輕微的淨利潤率改善,又提出了一個新的五年目標,即為5億人提供健康管理服務,並指引醫療服務收入佔總收入的比重將在5年內提高到1/4-1/3。 該行下調集團收入預測,以反映雙位數的收入增長指引,惟上調純利預測,以反映淨利潤率的改善和費用率的降低。該行將目標價由12元降至9.5元,主要是由於較緩慢的收入增長指引,維持「買入」評級。
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