Zhi Tong Cai Jing·2025-10-17 03:29Core Viewpoint - Macquarie has raised the target price for JD Health (06618) by 20%, from HKD 62.14 to HKD 74.57, while maintaining an "Outperform" investment rating [1] Group 1: Financial Projections - Macquarie expects JD Health to achieve a 22% year-on-year revenue growth in the second half of 2025, driven by a positive trend in the third quarter [1] - The adjusted net profit margin for the second half is projected to reach 8.1%, reflecting a year-on-year increase of 90 basis points [1] Group 2: Market Position and Strategy - The company is anticipated to strengthen its position in key healthcare product distribution channels, particularly in light of weak performance in offline pharmacies [1] - Macquarie believes that the company's cautious approach to offline store expansion and increased spending during the fourth quarter promotional period will support its market share growth [1] Group 3: Revenue and Profitability Drivers - The growth momentum in the second half is expected to be bolstered by the direct launch of more new drugs and stronger advertising spending from merchants [1] - An increase in drug sales is expected to enhance overall gross margin, with a projected year-on-year expansion of 1.5 percentage points to 23.7% in the second half [1]