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《大行》摩通上調對阿里健康(00241.HK)收入及經調整盈利預測 目標價上調至6.5元
阿思達克 09-17 10:30
摩根大通發表報告指,阿里健康(00241.HK)股價在5月公布2025財年業績後累漲約27%,超越同業8個百分點。該行認為主要因為投資者對最近處方藥在線零售銷售政策更新的正面反應。鑑於這基本上是一項指引,與現有政策沒有實質差異,認為其影響更多體現在情緒層面。該行相信與淘寶快電商的協同效應仍是9月底止現財年上半年重點,具體而言包括用戶及訂單量增長,潛在投資規模及形式,補貼正常化後用戶流失。 該行上調對阿里健康現財年及下財年收入預測各4%,反映與淘寶快電商在用戶流量及整體總交易額協同效應,並上調現財年及下財年經調整每股盈利預測分別3%及4%,反映淘寶對快電商高補貼帶來的市場推廣節省,部分被業務協作造成的投資抵銷。目標價由5元上調至6.5元,相當於預測現財年市銷率2.5倍,維持「中性」評級。
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