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大行評級丨花旗:下調阿里健康目標價至8.5港元 下調收入及每股盈利預測
花旗發表研究報告指,下調阿里健康2026及27財年收入預測3%及6%,每股盈利預測亦下調23%與19%,以反映收入增長放緩,及由於處方藥銷售增加所致的毛利率下滑。該行對其目標價由9.5港元下調至8.5港元,評級“買入”。報告提及,阿里健康2025年財年收入按年升13%至306億元,淨利潤升62%至14億元,經調整淨利潤升36%至19.5億元,符合最新指引。毛利率從2024財年的21.8%提升至24.3%,主要受全年合併阿里媽媽廣告業務推動。銷售費用率從2024財年的6.6%升至2025財年的7.4%,因加大促銷、補貼、優惠券及會員福利投入,推動醫藥健康產品的商品交易總額(GMV)增長。研發費用7.2億元,佔收入2.4%,主要用於大語言模型(LLM)及業務線整合。該行稱,阿里健康管理層對2026財年收入指引爲按年增長5%至10%,經調整淨利潤增長指引介乎10%至20%。同時,阿里健康將密切監控主要競爭對手市場份額,在激烈競爭中動態調整成本及資源分配。
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