Glonghui November 23 | Damo published a report, giving JD Health its first “in sync with the market” rating, with a target price of HK$43. According to the report, in the long run, online sales of pharmaceutical products and innovative Internet healthcare products have a lot of room for growth. JD Health is one of the main beneficiaries. The current valuation is fair, and the long-term growth is steady, but there is a lack of real-time catalysts. The report predicts that JD Health will maintain its leading position, but the growth gap with its major peers may narrow. The growth trajectory of JD Health in the field of direct sales will converge with Ali Health. Moreover, JD Health's service revenue will achieve faster growth and higher monetization rates. Damo expects that JD Health's annual revenue growth rates from this year to the next year will be 12%, 22%, and 17%, respectively. The adjusted profit compound annual growth rate during the period will reach 22%, and the adjusted net profit margin will reach 7.5% thereafter.