研報掘金|中金:維持阿里健康目標價4.2港元及“跑贏行業”評級 上調盈測
中金公司發表研究報吿指,阿里健康2024財年(截至今年3月底止年度)業績超預期,履約費用收窄助力內生經營性盈利。該行上調2025財年盈測76.3%至13.8億元,並首次引入2026財年盈測16.2億元,維持目標價4.2港元及“跑贏行業”評級。報吿指,阿里健康2023財年期間疫情防控措施調整,居民採購醫療產品需求攀升造成高基數,該行測算公司收入2024財年上半年分別按年增長12.7%及按年下滑7.8%,認為高基數背景下公司收入有所承壓,同時預計2025財年或有望迎來改善。該行亦提及,公司今年1月完成收購阿里媽媽下醫療健康類目相關的數字營銷業務,預計公司通過收購廣吿費業務,或有望與電商平台業務板塊下的佣金業務形成協同,為醫療品牌商提供更加完善的服務供給以獲取更多品牌商資源,同時亦有望實現利潤水平的改善。
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