高盛研报指，阿里健康(00241.HK) 公布9月底止2026财年中期业绩后，维持其“中性”评级，主要原因包括公司正受惠于产业结构性的利好因素，如原研处方药从医院渠道流出及线上药品渗透率的加速增长。
然而，高盛观察到两大线上医药平台阿里健康及京东健康(06618.HK) 在收入增长上存在差异，当中包括第一方平台销售(1P)已成为主要收入和利润驱动因素下，相较于同行，阿里健康在建立完善的第一方平台销售商业模式方面仍存在差距，尤其在用户认知度与药品供应链方面。
虽然如此，高盛认为阿里健康目前明年3月底止2026财年的业绩指引仍有上行空间，主要得益于其第一方平台销售业务强劲的增长带动，尤其在其药品销售及严格的营运费用控制推动下。
高盛将阿里健康2026至2028财年收入预测微调至增长2%至4%；并相应上调调整后净利润预测2%至4%。基于对其药房、医疗服务业务预测的2027年28倍市盈率，将目标价从4.7港元升至5.2港元，维持“中性”评级。(hc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-12-02 16:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.