《大行報告》富瑞下調京東健康(06618.HK)目標價至51元 評級「買入」
富瑞發表報告指,京東健康(06618.HK)第三季銷售額按年升10%,經營溢利按年升126%,經調整經營溢利按年升14%。該行預期公司今年收入按年升12%,經調整淨利潤率7%;明年收入增長放緩至8%,主要受今年首季新冠疫情的高基數影響。今年有10至15%銷售與新冠相關,首九個月非新冠業務按年增長30%。另外,該行估計至2027年底,淨利潤率將達到8%。
該行認為,京東健康能夠受惠京東(09618.HK)電商平台帶來的槓桿效益,用戶規模龐大且持續增長,同時透過與零售渠道及醫院合作,探索線上及線下健康服務發展機會,維持「買入」評級,目價由66元下調51元。
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