大和:上调京东健康(6618.HK)评级至优于大市 目标价130.5港元
大和发表研究报告指,京东健康(6618.HK)通过利用京东(9618.HK)广泛的供应链、全国性网路进行直销,从而在医疗保健价值链中建立了强大的供应链基础架构,将可令客户更易获得优质和负担得起的医疗保健产品、合作伙伴可根据用户需求来定制产品或服务,以及有助提高运营效率;同时线上营销料亦料成为公司的主要亮点之一,故将其评级由“持有”上调至“优于大市”,但将目标价由148.2港元下调12%至130.5港元。
大和认为,京东健康在线上营销方面具有丰富经验,带动去年线上营销收入实现三位数的增长,而其他同业相关业务拓展有限。公司提供其品牌合作伙伴有效的分销渠道、一站式营销解决方案,涵盖药物谘询、药物购买和回购等,以及终端运营解决方案来提高合作伙伴的效率。随着与更多合作伙伴合作和认可度提高,预期线上营销业务将在未来三年内超过整体收入增长。
大和又指,京东健康决心加强其在线医疗服务,尽管目前尚未开始变现,但已看到使用在线医疗服务的用户ARPU和购买频率较未使用的用户为高。该行上调京东健康今、明两年收入预测5至7%,以反映较快的流量增长及线上营销业务增长强劲。

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