瑞信:給予京東健康(6618.HK)目標價80港元 評級“跑贏大市”
瑞信發研報指,與京東健康(6618.HK)管理層溝通後,公司預期內地線上處方藥銷售政策將於今年首季出臺,對集團未來經營影響有限,對收入增幅影響最多隻有單位數。同時管理層預料,線上醫療諮詢政策最終確定過程可能需要1至2年才能完成,當中多方持份者需要進行協調,因此認爲官方文件可能不會在今年內發佈。
瑞信指出,京東健康重申對2021年營收增長45%至50%,以及調整後淨利潤率提升2%至3%的指引不變,考慮到公司90%以上用戶來自母公司京東集團(9618.HK),目前僅滲透到京東集團總用戶約20%,相信未來用戶量將繼續增長。
報告指,管理層不認爲騰訊(0700.HK)減持京東會影響公司的業務,中短期內雖然利潤率較低的處方藥銷售將繼續增長,但相信醫療服務、數字營銷及廣告服務等其他利潤率較高的業務,亦可以在利潤率水平上有所彌補,又相信京東健康市場份額可提升,給予目標價80港元,評級“跑贏大市”。

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