大行評級|大摩:阿里健康目標實現超過行業增長且利潤率持續擴張 目標價為4.9港元
摩根士丹利發表報吿指出,阿里健康2025財年中期業績符合預期,收入按年增長10.2%至143億元,略為高於其修訂後的指引(按年呈高單位數增長),受惠於其商品交易總額(GMV)的穩定增長和分成比例的提高。期內純利7.69億元,經調整淨利潤9.77億元,均基本符合預期。
該行引述阿里健康管理層預期,憑藉雙11期間的出色表現以及潛在的消費復甦,有信心2025財年收入增長10%以上,淨利潤達15億元以上,經調整淨利潤達約20億元。管理層進一步預期2026財年收入將呈現雙位數增長,隨着利潤率進一步擴張,經調整利潤料可達23億至25億元,與該行預期大致相符。阿里健康重申2025至2026財年收入年均複合增長率達10%以上的目標,目標實現超過行業增長,利潤率持續擴張。
該行對阿里健康的目標價為4.9港元,評級“增持”。
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