《大行》麥格里升京東健康(06618.HK)評級至「跑贏大市」 目標價上調至62.14元
麥格里研究報告指,京東健康(06618.HK)總收入按年增長25%至353億元人民幣,經調整經營利潤升57%,較該行及市場預期高8%及11%。該行認為公司憑藉清晰的「醫藥與健康」閉環生態戰略,以及渠道擴張佈局,已迎來發展拐點;其供應鏈核心競爭力有望轉化為更強的定價能力,進一步推動利潤率擴張。
另外,母公司京東集團(09618.HK)持續推動食品外賣業務,為京東健康帶來用戶流量增長,該行料銷售及推廣費用節省將延續至下半年;現預測2025年下半年收入按年增長22%,全年經調整淨利潤率有望擴張30個基點。
基於上半年業績及供應鏈優勢,該行將2025及26年盈利預測分別上調30%及24%,目標價由26.18港元大幅升至62.14港元,評級升至「跑贏大市」。
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