Jinwu Financial News | According to Northeast Securities Research Report, JD Health (06618) achieved mid-term operating income of 28.3 billion (+4.6%), of which 23.9 billion (+3.2%), platform and services 4.4 billion (+12.5%); gross profit 6.7 billion (+8.06%), gross profit margin 23.6% (+0.7pct); net profit under non-IFRS caliber 2.64 billion (+8.5%); net profit to mother 2.04 billion (+30.5%). Looking at the breakdown, the second quarter achieved operating income of 15.1 billion (+14.6%) and net profit of 1.89 billion yuan (+47.8%) under the non-IFRS scale.

According to the bank, during the reporting period, the company's “Jingdong Drug Purchase and Delivery in seconds” service has been accelerated to an “average of 28 minutes, as fast as 9 minutes”, covering more than 490 cities across the country (+22.5%), and more than 0.15 million partner pharmacies (+50%). The company has recently launched online medical insurance payment services in cities such as Beijing, Shanghai and Dongguan. Among them, more than 350 medical insurance retail pharmacies in Beijing have connected to the JD platform. The service network covers all administrative regions of Beijing, making it the platform with the largest number of connected stores, the largest number of users, and the fastest delivery time in Beijing. The advantages of the company's online medical insurance payments are expected to enhance the acquisition of new customers and the retention of old customers.

The bank said that the company is a leading pharmaceutical e-commerce company, and its market share has continued to increase in recent years. Due to the weak recovery in the consumer environment, the bank slightly lowered the company's revenue in 2024. The company expects revenue of 57.223/68.697/81.577 billion in 2024-2026, net profit of 2.569/3.259/3.978 billion, and earnings per share of 0.81/1.02/1.24 yuan/share, maintaining the company's “buy” rating.