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《大行報告》瑞信下調阿里健康(00241.HK)目標價至11元 評級「跑贏大市」
阿思達克 11-26 10:27
瑞信發表研究報告,指阿里健康(00241.HK)上半年虧損少於該行預期,管理層相信2022至24年收入可錄約30%增長,料2022年下半年毛利率升1個百分點,2023/24年穩定在20%至21%,並預期2024/25年收支平衡,但該行對毛利率及收入展望看法較保守,基於利潤率較低的處方藥銷售額預計將持續上升,電子商務的整體放緩可能不易恢復。不過,藥物銷售是繼續帶動醫藥直銷業務(1P)與平台業務(3P)的主要增長動力。 該行指,公司目前持續進行新業務探索,例如自營藥店、個性化保險等。另外,管理層預期今年不會推出線上處方藥銷售政策,惟料此政策出台將影響收入增長數個百分點。 該行維持阿里健康「跑贏大市」評級,下調2022/23年虧損預測37%及8%,2024年則由淨利潤改為虧損預測,目標價由15元降至11元,以反映預期收入及毛利下跌。
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