Jinwu Financial News | According to Tianfeng Securities Research Report, JD Health (06618) achieved operating income of 28.344 billion yuan in the first half of 2024, up 4.6% year on year from 27.1 billion yuan in the same period last year; by business, the company's own product revenue in the first half of 2024 was 23.91 billion yuan, up 3.2% year on year; service revenue was 4.43 billion yuan, up 12.5% year on year.

The bank said that as of June 30, JD Drug Delivery had launched the “Online Drug Purchase Medical Insurance Account Payment” service in Beijing, Shanghai, and Dongguan. Among them, it became the first platform to launch this service in Beijing, connecting to more than 350 designated medical insurance retail pharmacies. In the first half of the year, JD Health's instant retail business “buy medicine in seconds with JD delivery”, achieving “average 28 minutes, fastest 9 minutes” delivery, covering more than 490 cities across the country and over 0.15 million partner pharmacies. The bank believes that JD Health has formed a mature operating model integrating “self-operation+online platform+instant retail”. As online medical insurance and drug purchases are liberalized one after another, the company is expected to open up space for medium- to long-term growth.

The bank took into account the impact of macro consumption and the company's higher base in the second half of '23 due to rising demand for online drug purchases. The bank adjusted the company's revenue forecast for 2024/2025 to 57.5/67.4 billion yuan (previous value: 62/72.7 billion yuan) and adjusted net profit to 4.6/5 billion yuan (previous value 4.1/4.8 billion yuan), maintaining the “buy” rating. In the long run, the bank is optimistic about the company's continuous strengthening as a self-operated pharmaceutical e-commerce business, the continued penetration of active users, and the guarantee of industry-leading omni-channel supply chain capabilities.