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大行評級|建銀國際:下調阿里健康目標價至4.2港元 維持“跑贏大市”評級
建銀國際發表報吿指,料截至今年3月底止阿里健康2024財政年度的藥物直銷業務將按年跌8.2%,主要受累於新冠疫情相關的基數效應所拖累。撇除新冠相關產品,該行則料公司2024全財年銷售按年升13.7%,主要由於履行成本較低;利息收入較高;以及公司收購阿里媽媽醫療健康類業務,所帶來的較高淨利潤貢獻等因素影響。並預期2024財年的經調整純利將按年增加68.7%至13億元。另外,建銀國際亦將阿里健康2024財年的營業收入預測下調16.4%,不過將經調整淨利潤預測上調96.8%,以反映公司收購阿里媽媽所帶來的更高利息收入及淨利潤貢獻。該行亦將公司的目標市銷率預測下調至2倍,以反映2025財年及2026財年銷售成長放緩的預期。建銀國際將阿里健康目標價由6.3港元下調至4.2港元,維持“跑贏大市”評級。
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