《大行報告》建銀國際下調阿里健康(00241.HK)目標價至6.2元 評級「跑贏大市」
建銀國際發表報告指,阿里健康(00241.HK)在宏觀消費環境疲弱的情況下,預計其上半財年銷售增長將會受壓。在產品結構方面,該行預期非處方藥(OTC)和處方藥(Rx)將佔公司自營業務收入逾50%,這與2023財年55至60%的產品結構基本一致。而2024財年上半年的主要分別在於,由於集團今年新增更多OTC品牌,令OTC將佔有更大份額。在非藥品產品方式,隨著疫情後消費者對健康更加關注,醫療器材近期增長較快,導致醫療器材、保健品和肝臟排毒片的銷售強勁。公司的第三方業務中,藥品佔20%,餘下則由其他非藥品相關保健品組成。
該行預計,2024財年集團的自營業務用戶群將保持按年14%的強勁增長,達到1.482億人。然而,該行料2024財年上半年的每使用者平均收入將按年降3%至81元人民幣。該行下調集團2024財年的銷售預測4.2%,基於預期消費者開支變得疲弱,但認為公司仍保持樂觀前景,料2024至26財年的收入複合年增長率為13.9%,又將目標價由6.5元下調至6.2元,維持「跑贏大市」評級。
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