《大行》中金升京東健康(06618.HK)目標價45%至60.6元 維持「跑贏行業」評級
中金髮表報告指,京東健康(06618.HK)上半年收入352.9億元人民幣(下同),按年增長24.5%,non-IFRS淨利潤35.7億元,按年增長35%,對應non-IFRS淨利率10.1%,按年增長0.8個百分點,超市場預期,主要因藥品品類放量良好催化。
中金指,公司上半年期間股價表現強勁,一方面由於貫穿外需主線的「關稅」因素於公司而言相對免疫,另一方面內需角度行業競爭格局相對穩固,公司上半年兩個季度基本面均超出市場預期,疊加港股估值整體上升,公司作爲多個指數的權重股亦迎來強勁表現。
該行認爲,公司當前估值雖處於近年相對高位,但較強的成長性亦能夠提供一定基本面角度支撐,同時考慮到近期港股板塊情緒仍處於較景氣態勢,預計公司短期亦有望跟隨大盤景氣度迎來估值提振的可能。
考慮到藥品和藥企合作貢獻超預期,且反內卷基調下後續投入或相對可控,該行上調2025及2026年淨利潤預測30%及21%,至各45.1億元和52.8億元。綜合考慮板塊近期估值整體上升,上調目標價45%至60.6港元,維持「跑贏行業」評級。
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