金吾财讯 | 财通证券发研报指，京东健康(06618)于2018年成立，是京东集团旗下专注于医疗健康业务的子集团，公司致力于打造以医药及健康产品供应为核心，医疗服务为抓手，覆盖用户全生命周期全场景的健康管理平台。公司依托集团主站流量、供应链能力与物流体系建立显著优势，目前已经成为国内收入规模最大的医药健康零售渠道。线上医保购药权限放开成为行业中短期重要催化因素：自2020年国家医保局发布《关于积极推进“互联网+”医疗服务医保支付工作的指导意见》起，各地区陆续通过不同形式落实相关政策，2024年各地区逐步向主流线上购药平台开放线上医保结算权限，构建重要流量入口。医保控费政策延续，未中标集采的原研药企或调整策略，转向私立医院、零售药店或自费渠道销售，医药电商平台成为满足用户对原研药需求的重要选择。公司作为国内医药电商龙头，供应链及履约优势显著，未来将持续受益于医药品类线上化率提升及医保在线支付权限开放等利好，看好其长期投资价值。该机构预计公司2025-2027年收入分别为709/824/942亿元，经调整归母净利润分别为57/62/72亿元，首次覆盖，给予“买入”评级。
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