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《大行報告》美銀證券:京東健康(06618.HK)季績續穩健 上調盈測
阿思達克 05-12 10:12
美銀證券發表研究報告指出,京東健康(06618.HK)首季業績表現持續穩健,收入按年增長54%,主要受惠於疫情爆發及較小程度的甲型流感病毒。由於基數較高,至今年底年度活躍用戶賬戶進一步增加540萬,至1.6億。 該行維持對京東健康今年收入預測,料按年增長30%至610億元人民幣,主要由於最近疫情病例增長幅度較小,以及該行認為很多染疫用戶或依賴他們為上一波儲備的藥物庫存,而該行並無考慮另一波疫情的潛在上行空間。 如以季度劃分,該行料京東健康第二季增長放緩,第三季加速,但第四季將再度放緩,主要受基數影響。該行另將公司今年經調整淨利潤率由6%上調至6.2%,繼續預計公司今年將增加開支,以加強用戶意識、投資人工智能和技術、探索和擴展包括醫院、藥房和O2O在內的線下服務。 該行重申對京東健康「買入」評級,認為醫療保健在宏觀不確定性的情況下,具快速增長趨頭、執行力穩健和韌性需求。目標價續為88元。
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