《大行報告》大摩首予京東健康(06618.HK)「與大市同步」評級 長期增長穩健惟缺乏即時催化劑
大摩發表報告,首予京東健康(06618.HK)「與大市同步」評級,目標價43元。報告認爲,長遠而言,醫藥產品線上銷售和創新的互聯網醫療保健產品具有很大的增長空間,京東健康是主要受惠者之一,目前估值尚可,且長期增長穩健,惟缺乏即時催化劑。
報告預計京東健康仍將保持領先地位,惟與主要同行的增長差距可能縮小。京東健康在直銷領域的增長軌跡將與阿里健康(00241.HK)趨同。且京東健康的服務收入將實現更快的增長和更高的變現率。
大摩預計,京東健康在今年至後年各年收入增長率分別爲12%、22%及17%,期內經調整利潤年複合增長率將達到22%,到後年經調整淨利潤率將達到7.5%。
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