藥師幫(9885.HK)重回升勢,機構預計2022-2025年收入將以34%的複合增長率增長
二級市場上,藥師幫(9885.HK)近日股價整體重回升值,今日盤中逆勢升超3%至54.1港元。藥師幫是中國最大的院外醫藥產業數字化綜合服務平台,2022年GMV(商品交易總額)的市場份額為21.0%。商業模式主要包括平台業務和自營業務(包括廠牌首推業務)。2022年,自營業務佔總GMV的40.2%(2019年為23.7%),而平台業務則佔總GMV的59.8%(2019年為76.3%)。2023年上半年,藥師幫更是取得了營收、淨利雙增的亮眼成績,業績增速遠超機構預期。其中,上半年營收同比增長18.6%至79.69億人民幣,經調整後淨利潤首度轉正,超7000萬人民幣。招銀國際此前發佈研報預計,藥師幫2023E/2024E/2025E的收入將分別同比增長25.4%/39.4%/36.3%,non-IFRS調整後淨利潤分別為1.79億元/7.16億元/14.15億元。並給予“買入”評級,目標價57.97港元。招銀國際看好其通過B2B院外醫藥數字化解決方案連接和賦能產業鏈參與者、提供安全高效的交易及服務平台的增長潛力,預計2022-2025年收入將以34%的複合增長率增長。招銀國際提到,藥師幫的平台+自營的市場模式,形成了一個充滿活力的生態系統。藥師幫的業務增長是由平台和自營業務的雙重引擎推動的。數字化市場可以為買家提供豐富的SKU選擇,而自營業務的優勢包括聚合購買力、提高對上游的議價能力,並對倉儲和履約進行全面管控,以提高交付質量和穩定性。
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