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大摩:下调阿里健康(0241.HK)明后两年收入预测,维持跑赢大市评级

格隆汇 ·  {{timeTz}}  · Ratings

摩根士丹利发表研究报告表示,将阿里健康(0241.HK)目标价由18港元降至13港元;维持“跑赢大市”评级。

报告指,阿里健康半年度销售升31%,与该行预期一致;经调整亏损受较低的毛利率及支出拖累。产品方面,药物和非药物销售额增长了40%和26%。毛利率下降6个百分点至20%,原因是更多的药物销售混合转移,尤其是处方药,但预计下半年毛利率按半年升1个百分点。

该行预计,阿里健康指导22财年度收入增长约30%,直销增长30% 以上,其中平台增长约10%;预计2023年度平台将有更好的增长,介乎10-15% ,考虑即将推出的在线处方指引影响,在线药品销售增长保持在约30%的健康水平。最后,阿里健康表示正在与母公司协商採取更高的利率分配,但尚无具体时间表。

大摩指,将2022及23年的收入预测下调2%-6%,降低毛利率并提高了运营支出假设,预计在2024年实现盈亏平衡。

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