Goldman Sachs Group published a research report that macro uncertainty has a negative impact on the overall economy and corporate spending, and the slowdown in online retail sales has also affected online drug sales and platform investment in medical technology.

However, Goldman Sachs Group also pointed out that the online penetration rate of drug sales is still very low, and the prescription outflow model has not yet achieved results. It is expected that the growth momentum of enterprise income will weaken in the second half of last year and the first half of this year. However, due to the stable macro environment, relevant policy support and base effect, it is believed that the market situation will continue to improve from the end of 2022 to 2023.

Goldman Sachs Group expects$JD Health (06618.HK) $及$Alibaba Health Information Technology (00241.HK) $The compound annual growth rate of income in the next five years will further expand to about 10%. It is believed that profitability is stable, in which JD Health can maintain a faster growth rate than his peers, upgrade JD Health's rating from "neutral" to "buy", and keep the target price unchanged at 94 yuan. and replaced Alibaba Health Information Technology into the top four list. Goldman Sachs pointed out that considering growth or slowdown, Alibaba Health Information Technology's rating was downgraded from "buy" to "neutral", and the target price was lowered from 15.7 yuan to 8 yuan.

In addition, the row pair$Yidu Technology (02158.HK) $Maintain the "buy" rating and lower the target price from 50 yuan to 48 yuan; yes$Medical Maitong (02192.HK) $及$Ping An Healthcare And Technology (01833.HK) $Maintain the "neutral" rating, lowering the target price from $35 and $42 to $24 and $34 respectively to reflect macro market conditions and B2B business investment.

Looking ahead, Goldman Sachs Group believes that the authorities regard digital tools as a key driver of broader health care reform, and further regulation is expected to involve digitization in areas such as online drug sales, which will help promote the development of medical technology business model.