大行評級丨建銀國際:上調京東健康目標價至45.4港元 首季業績超出預期
建銀國際發表報吿指,京東健康2025年第一季度業績超出預期,歸功於收入增長和毛利率擴張超出預期。總收入按年增長25.5%,達到166億元。剔除流感病例推動的藥品需求增長,銷售額仍增長18%,高於該行預估的152億元(原本預計按年增長15%)。自營(1P)和第三方平台(3P)均保持雙位數增長,其中自營表現略佳。non-IFRS淨利潤按年增長47.7%,達到17億元,得益於更廣的利潤率和更快的收入增長。
該行將京東健康2025財年銷售預測上調4.7%,原因是隨着國家醫療保險預算收緊,原研藥的市場份額穩步增長,導致開具原研藥處方變得困難,這推動許多自費用户轉向在線購買。基於該行假設京東健康因商家更強的品牌認可度將在2025財年實現服務收入和銷售加速,該行將2025財年毛利率預測上調0.2個百分點,non-IFRS淨利潤預測上調至48億元,增幅2%。
該行將其目標價從43.3港元上調至45.4港元,維持“跑贏大市”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.