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大行評級|里昂:上調京東健康目標價至56港元 預期上半年業績表現強勁
里昂預期,京東健康2025年上半年業績表現強勁,總收入按年增長23%達348億元(第二季按年增長20%,第一季按年增長26%),主要受惠於618購物節的出色表現,特別是營養保健品與醫療器械品類的銷售增長。原研藥從醫院渠道持續外流,進一步支撐藥品需求;經調整息稅前利潤預計按年增長57%達25億元,得益於毛利率提升及對實時需求投資的嚴格管控。里昂將京東健康2025年及2026年經調整淨利潤預測分別上調5%及6%,以反映更優的成本控制,並將目標價從45港元上調至56港元。該行指出,京東健康是京東大力投資APP用戶增長策略的主要受益者,維持“跑贏大市”評級。
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