ALI HEALTH(00241) 国信证券·2024-11-15 11:17Investment Rating - The investment rating for the company is "Outperform the Market" [4][10][3] Core Views - The company reported a revenue of 14.3 billion HKD for FY2025H1, representing a year-on-year growth of 10%, primarily driven by the rapid growth of its pharmaceutical platform business [1][7] - The adjusted net profit margin increased from 5.0% to 6.8% year-on-year, and the gross profit margin improved from 22.1% to 24.8%, attributed to a shift in product mix towards higher-margin health equipment and supply chain efficiency [2][7] - The company expects continued growth in online health consumption, with online growth rates significantly outpacing offline [8] Revenue Summary - The company's pharmaceutical self-operated revenue reached 12.1 billion HKD, a 6% increase year-on-year, with a focus on optimizing the self-operated product category structure [1][7] - E-commerce platform service revenue surged to 1.7 billion HKD, marking a 68% increase, mainly due to the integration of health category advertising and improved advertising-platform synergy [1][7] - Revenue from healthcare and digital services declined to 440 million HKD, a 9% decrease year-on-year [1][7] Profit Summary - The adjusted net profit for FY2025 is projected to be 2.035 billion HKD, with a significant increase of 47% from previous estimates, driven by the acquisition of Alibaba's advertising business [3][10] - The company aims to maintain a disciplined approach to investment while gradually increasing its market share in platform business [2][7] - The forecasted adjusted net profit for FY2026 is 2.495 billion HKD, and for FY2027, it is expected to reach 3.242 billion HKD [6][10] Financial Metrics - The company’s current stock price corresponds to a FY2025 price-to-earnings ratio of 31x, with a target price range of 5.52 to 5.78 HKD, indicating an upside potential of 32% to 39% from the current price [3][10] - The projected revenue for FY2025 is 31.052 billion HKD, with a year-on-year growth of 14.9% [6][10] - The adjusted net profit margin is expected to reach 6.6% in FY2025, increasing to 8.5% by FY2027 [6][10]