大行評級|瑞銀:上調阿里健康目標價至3.75港元 將部分重心轉回收入增長和市場份額提升上
瑞銀髮表報吿指,阿里健康的管理層重申2025財年的收入增長目標為10%或以上,2026財年的調整後純利為23至25億元。根據管理層的説法,從2025財年下半年開始,收入增長的加速將主要得益於藥品增長的加快以及非藥品類別的持續增長。該行認為,對藥品的重新重視反映公司追求市佔率增長,但這可能取決於能否保持現有的毛利水平。該行將阿里健康目標價由3.3港元升至3.75港元,相當於預測2026財年市銷率1.7倍,評級“中性”,在考慮到消費疲弱下,下調對非藥品的收入預測,但仍稍稍上調藥物增長預測,以反映策略上的調整。瑞銀料阿里健康2025財年至2027財年的收入增長分別為10.5%、9.1%及10.2%,2026年及2027年的每股盈利預測亦由0.17元及0.2元下調至0.15元及0.17元。
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