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大摩:下調阿里健康(0241.HK)明後兩年收入預測,維持跑贏大市評級
格隆匯 11-29 12:51

摩根士丹利發表研究報吿表示,將阿里健康(0241.HK)目標價由18港元降至13港元;維持“跑贏大市”評級。

報吿指,阿里健康半年度銷售升31%,與該行預期一致;經調整虧損受較低的毛利率及支出拖累。產品方面,藥物和非藥物銷售額增長了40%和26%。毛利率下降6個百分點至20%,原因是更多的藥物銷售混合轉移,尤其是處方藥,但預計下半年毛利率按半年升1個百分點。

該行預計,阿里健康指導22財年度收入增長約30%,直銷增長30% 以上,其中平台增長約10%;預計2023年度平台將有更好的增長,介乎10-15% ,考慮即將推出的在線處方指引影響,在線藥品銷售增長保持在約30%的健康水平。最後,阿里健康表示正在與母公司協商採取更高的利率分配,但尚無具體時間表。

大摩指,將2022及23年的收入預測下調2%-6%,降低毛利率並提高了運營支出假設,預計在2024年實現盈虧平衡。

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