Xin Lang Cai Jing·2026-01-06 03:44Core Viewpoint - JD Health's stock price has increased by 5.58%, reaching HKD 61.45, with a trading volume of HKD 230 million, driven by positive forecasts for its performance in the second half of 2025, particularly in Q4 due to a surge in flu cases increasing demand for medications [1][2] Group 1: Performance Forecasts - Nomura predicts that JD Health's Q4 2025 revenue will reach RMB 20 billion, representing a year-on-year growth of 22%, supported by sales growth of 30%, 20%, and 10% in pharmaceuticals, nutritional products, and medical devices respectively [1][2] - The report highlights that flu-related medications will account for a significant percentage of pharmaceutical sales, alongside increased sales of home medical devices like oxygen concentrators [1][2] Group 2: Revenue and Profit Adjustments - CICC has raised its revenue forecasts for JD Health for 2025 and 2026 by 2% to RMB 72.5 billion and RMB 81.7 billion respectively, considering the ongoing demand for original research products and strong flu-related product demand [1][2] - The firm has also adjusted its non-IFRS net profit estimates for 2025 and 2026 upwards by 4% and 1% to RMB 6.5 billion and RMB 6.4 billion respectively, and introduced a revenue forecast for 2027 of RMB 91.2 billion with a non-IFRS net profit forecast of RMB 6.8 billion [1][2] Group 3: Target Price and Rating - CICC maintains a target price of HKD 71.4 for JD Health, indicating a 23% upside potential, while sustaining an "outperform" rating despite recent fluctuations in the sector [1][2]