Glonghui, January 22 | Bank of America Securities released a report stating that JD Health's revenue forecast for last year was raised from 53 billion yuan to 53.5 billion yuan, which is equivalent to a year-on-year increase of 14.5%; the revenue forecast for the second half of last year is expected to remain flat at 26.4 billion yuan year-on-year, mainly due to the outbreak of respiratory diseases in the mainland in the fourth quarter of last year, which is beneficial to the company's drug sales. The bank maintained its adjusted net profit forecast of 55% year-on-year to 4.1 billion yuan last year, which is higher than the market forecast of 3.8 billion yuan. Furthermore, the industry is expected to be affected by the pandemic last year, and competition in the online pharmacy vertical is severe. After the first quarter of this year, I believe the tough competitive base has passed, and it is expected that the online pharmacy industry will accelerate to ten digits this year. The bank reiterated its “buy” rating for JD Health, with a target price of HK$50.