《大行報告》瑞銀上調京東健康(06618.HK)目標價至42.6元 評級「中性」
瑞銀發表報告指,京東健康(06618.HK)第三季收入按年僅增長10%,較第一季及第二季分別增長54%及18%放緩,相信是受消費疲弱影響,因為公司的商品交易總額中,近三分之二涉及非藥物產品,屬較為非必需的消費品。
另一方面,年初新冠相關產品需求較大,當局對網上售藥加強監管,都令京東健康第三季收入增長放緩,預期第四季收入按年有10%至20%跌幅,因為去年同期新冠產品推高比較基數。考慮到消費復甦步伐不明朗及監管因素,降2023至2025年各年收入預測各約2%,維持其「中性」評級,目標價由40.2元上調至42.6元,相當於預測明年市銷率1.9倍,或預測明年經調整市盈率27倍。
京東健康管理層指,即使收入低過預期,毛利率提升令盈利達標,而該行認為毛利率改善,是因為非藥物產品銷售比重提高,但能否持續改善,仍然有待觀察,明年收入復甦幅度的可見度仍然偏低。
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