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高盛:予阿里健康(0241.HK)“買入”評級 目標價15.7港元
格隆匯 11-25 13:15

高盛發研報指,阿里健康(0241.HK)公佈中期業績,今年上半年收入為93.58億元人民幣,按年增長31%,主要由醫藥直銷業務(1P)推動,醫藥電商平台業務收入按年增加9%,但集團平台業務(3P)收入放緩而抵銷了部份收入增長。高盛指,集團錄得毛利18.71億元人民幣,按年增長0.6%,毛利率20%,低於該行預期的23.5%。毛利率下降主要由於利潤率相對較高的平台業務收入減少;由於市場份額進一步增加,醫藥直銷業務的毛利率較低;處方藥業務收入則按年增長127.3%。該行予阿里健康目標價15.7港元,評級“買入”。

報吿又指,截至今年9月,集團醫鹿APP的全球月活躍用户(MAU)達200萬,半年內增加1倍,此外,存貨單位(SKU)數量顯著增加700萬至4000萬。期內,平台上的商户數量增加約3000至超過25000間。

該行認為,集團因加速處方藥業務佈局並增加相應市場投放帶來的自營業務利潤率降低,並於一系列創新業務增加資源配置,近期盈利能力存在不確定性。隨着商業模式和法規的不斷髮展,長期利潤率也存在不確定性。

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