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《大行报告》瑞银上调京东健康(06618.HK)目标价至42.6元 评级「中性」
瑞银发表报告指,京东健康(06618.HK)第三季收入按年仅增长10%,较第一季及第二季分别增长54%及18%放缓,相信是受消费疲弱影响,因为公司的商品交易总额中,近三分之二涉及非药物产品,属较为非必需的消费品。 另一方面,年初新冠相关产品需求较大,当局对网上售药加强监管,都令京东健康第三季收入增长放缓,预期第四季收入按年有10%至20%跌幅,因为去年同期新冠产品推高比较基数。考虑到消费复苏步伐不明朗及监管因素,降2023至2025年各年收入预测各约2%,维持其「中性」评级,目标价由40.2元上调至42.6元,相当于预测明年市销率1.9倍,或预测明年经调整市盈率27倍。 京东健康管理层指,即使收入低过预期,毛利率提升令盈利达标,而该行认为毛利率改善,是因为非药物产品销售比重提高,但能否持续改善,仍然有待观察,明年收入复苏幅度的可见度仍然偏低。
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