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大行評級|高盛:京東健康估值較阿里健康更具吸引力 予“買入”評級
格隆匯 02-19 12:54
高盛發表研究報告指,儘管已經歷重大估值重評,相信對健康護理行業而言,來自人工智能(AI)的有意義財務影響仍需一段時間才發生,現時焦點在於提高效率,不過預期今年會有更多來自龍頭企業的AI舉措。從估值角度出發,該行偏好京東健康多於阿里健康,前者更具吸引力,維持兩者投資評級分別爲“買入”及“中性”,目標價分別33.5港元及4港元。該行認爲,京東健康在藥品類別方面具有更強的競爭優勢,並且憑藉其在線上到線下和實體藥房的佈局,實現了線上和線下的整合。因此,隨網上醫保報銷的擴展,京東健康將從中受益。另外,京東健康未來兩年預計將實現較快的銷售增長,按年料有13%至15%的增幅,並在2025財年繼續擴大經營利潤率,這得益於其病人業務規模的擴大、對供應商的議價能力增強,以及營養品類別中商家廣告支出的增加。
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