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《大行報告》招商證券升阿里健康(00241.HK)目標價至7元 獲注資增盈利
招商證券發表報告指出,阿里健康(00241.HK)9月底止中期收入按年增長12.7%至129.56億元人民幣,較該行預測按年增長16%為低,主要由於宏觀不利因素及競爭;毛利率改善2.1個百分點至22.1%,超過該行預期的約20%水平。 該行將阿里健康明年3月底止2024財年下半年收入預測,由原預期的按年增長16%下調至12%,主要由於上半財年表現跑輸,以及今年3月底止上財年第四財季受重新開放影響,基數效應較高。不過,該行料公司銷售組合變化及新營銷實體的整合下,毛利率持續改善,料下半財年為23.7%,相對於2023財年為21.3%。 此外,該行維持阿里健康「增持」評級,目標價由6.1元上調至7元,預期公司長期盈利前景在阿里-SW(09988.HK)的資產注入後將有所改善,而公司盈利能力增強使其能夠投資於營銷及AI語言模型。
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