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《大行報告》美銀證券降京東健康(06618.HK)目標價至41元 業績勝預期
美銀證券發表報告指,京東健康(06618.HK)去年收入535億元人民幣,按年升14.5%,好過市場預期的532億元人民幣,估算去年非新冠產品相關收入增速加快到20%至30%,年活躍用戶按年升12%至1.72億,其他主要指標如用戶再次購買(翻單)的比例均有改善。毛利率提升1個百分點至22.2%,符合預期,主要受惠服務收入佔比提升。經調整純利按年升58%至41.4億元人民幣,亦好過預期。 該行維持其「買入」評級,預期公司為網上健康護理滲透的受惠者,但該行將其今年經調整盈測由49億元降至45億元人民幣,以反映毛利率及利息收入預測被下調,目標價相應由50元降至41元。
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