JD HEALTH(06618) 天风证券·2025-01-10 09:30Investment Rating - The report maintains a "Buy" rating for JD Health, with a target price not specified [4]. Core Viewpoints - JD Health has entered a strategic partnership with China Resources Sanjiu, aiming to set a benchmark in the pharmaceutical retail industry through comprehensive collaboration in areas such as digital marketing and corporate social responsibility [1]. - The company has demonstrated robust growth, with Q3 2024 revenue reaching 13.302 billion yuan, a year-on-year increase of 14.8%, and operating profit soaring by 216.0% to 552 million yuan [2]. - The integration of online medical insurance services is expected to enhance market share, with JD Health already providing online insurance payment services in 12 cities, covering over 1 billion people [2]. - During the Double Eleven shopping festival, JD Health saw significant growth in various health-related product categories, with a 140% increase in sales for products targeting the elderly [3]. - The company has set ambitious sales growth targets in collaboration with several health brands, aiming for a 300% increase over the next three years [3]. Summary by Sections Strategic Partnership - JD Health and China Resources Sanjiu have signed a strategic cooperation agreement to enhance pharmaceutical retail capabilities and drive high-quality industry development [1]. Financial Performance - For Q3 2024, JD Health reported revenues of 13.302 billion yuan, a 14.8% increase year-on-year, and an operating profit of 552 million yuan, reflecting a 216.0% growth [2]. Market Expansion - The company has expanded its online medical insurance services to 12 cities, with nearly 2000 retail pharmacies connected, potentially increasing user penetration [2]. Product Growth - JD Health experienced a significant increase in sales during the Double Eleven event, with a 7.2-fold increase in order volume and nearly tripling transaction value [3]. Strategic Goals - The company aims for a 300% sales increase in collaboration with various health brands over the next three years, reflecting a trend towards diversified health consumption [3].