智通财经APP获悉，建银国际发布研报称，将京东健康(06618)2025财年销售预测上调4.7%，原因是随着国家医疗保险预算收紧，原研药的市场份额稳步增长，导致开具原研药处方变得困难。这推动许多自费用户转向线上购买。基于该行假设京东健康因商家更强的品牌认可度将在2025财年实现服务收入和销售加速，该行将2025财年毛利率预测上调0.2个百分点，non-IFRS净利润预测上调至48亿元人民币，增幅2%。目标价从43.3港元上调至45.4港元。评级维持“跑赢大市”。
该行指，京东健康2025年第一季度业绩超出预期，归功于收入增长和毛利率扩张超出预期。总收入同比增长25.5%，达到166亿元人民币。剔除流感病例推动的药品需求增长，销售额仍增长18%，高于该行预估的152亿元人民币(原本预计同比增长15%)。自营(1P)和第三方平台(3P)均保持双位数增长，其中自营表现略佳。毛利率同比提升约1.6个百分点，原因包括广告和保健品等高利润业务的销售贡献增加，这转化为非国际财务报告准则(non-IFRS)经营溢利同比增长73.4%，达到13亿元人民币。non-IFRS净利润同比增长47.7%，达到17亿元人民币，得益于更广的利润率和更快的收入增长。
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