《大行》瑞銀降阿里健康(00241.HK)評級至「沽售」 營銷開支增加降未來三年盈測
瑞銀髮表研究報告指,阿里健康(00241.HK)盈利增長潛力下降,自營業務銷售增長放緩,宏觀經濟壓力下市場競爭加劇,加上線上銷售滲透率已較高,或無法支撐現有估值,因此將評級從「中性」下調至「沽售」,預計2025至2028年收入及經調整淨利潤年均複合增長率將達到高單位數及低雙位數百分比。
管理層傾向持續推動自營業務改善及提升毛利率,多於追求GMV及市場份額增長,瑞銀認爲雖然有助提升短期利潤率,但亦可能影響整體收入增長,基於業務增長放緩及營銷開支增加的預期,將2026至2028年各年每股盈測分別下調5%、7%及8%,目標價則從3.75元上調至3.8元。
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