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大行評級|高盛:上調京東健康評級至“買入” 現價估值水平更具吸引力
高盛發表研報,考慮到線上醫療行業正受惠於藥品滲透率提升及政策支持,因此重新審視選股,將京東健康的評級從“中性”上調至“買入”,並將阿里健康的評級由“買入”降至“中性”,以反映京東健康在處方藥和非處方藥品類,以及線上線下整合方面定位較阿里健康優勝,相信線上醫療保險索賠範圍擴容,京東健康將更能受益,明年利潤率或加快提升,同時其現價估值水平更具吸引力,因此將目標價相應從28港元提升至33.5港元。高盛亦將京東健康明年收入及純利預測上調1%,2026年預測上調2%。由於京東健康在整體藥物及補充品類別的市場份額持續增加,高盛相信其未來兩年銷售額將錄得相對較快增長,達到約13%至15%。至於阿里健康的目標價則從4.4港元降至4港元,並將2024至2026年收入預測下調5%、7%及6%,2025至2026年純利預測則分別下調7%及9%。
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