《大行報告》大和下調京東健康(06618.HK)目標價至49.5元 評級「持有」
大和發表報告指出,京東健康(06618.HK)上半年收入按年增長34%,當中服務收入升44%,升幅首度超越產品銷售收入增長33%,相信是由於從第三方商家收取的數碼營銷收入有所增加。
該行稱,京東健康管理層預期下半年毛利率穩定在上半年的水平,而下半年淨利潤率將保持於6%以上,同時指首季收入按年增長54%,報告稱這意味着次季收入增長放緩,部分原因是隨着疫情常態化,消費者或回覆至疫情前的消費行爲。由於國家醫療保險尚未與在線醫療平臺連接,該行料有關的消費者行爲逆轉或將持續。至於中國醫療行業近期的反腐敗措施,或令執業醫生在開處方時採取更爲審慎,促使製藥企業轉向像京東健康般的在線渠道,以助提高效率。
此外,該行將京東健康今明兩年的收入預測上調7%至11%,每股盈測上調15%至43%;並調整估值基礎,由原先的市銷率改爲市盈率,因認爲公司可在預測期內扭虧爲盈,維持對公司「持有」評級,目標價由77元下調至49.5元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.