JD HEALTH(06618) 天风证券·2025-03-10 03:44Investment Rating - The investment rating for JD Health (06618.HK) is "Buy" with a target price not specified [4]. Core Insights - JD Health reported a revenue of 58.16 billion yuan for 2024, representing an 8.6% year-on-year increase from 53.53 billion yuan in 2023. The self-operated product revenue was 48.80 billion yuan, up 6.9%, while service revenue reached 9.36 billion yuan, growing by 18.9% [1][2]. - The company's gross margin increased by 0.7 percentage points to 22.9%, primarily due to revenue mix optimization. Annual profit was 4.16 billion yuan, a 94.0% increase year-on-year, with adjusted Non-IFRS net profit at 4.79 billion yuan, up 15.9% from 4.14 billion yuan in 2023 [1][3]. - Active user count reached 184 million by December 31, 2024, an increase of 11.3 million from 172 million in 2023. The number of third-party merchants exceeded 100,000, doubling year-on-year, and daily online consultations surpassed 490,000 [1][2]. Revenue Breakdown - Self-operated product revenue for 2024 was 48.80 billion yuan, reflecting a 6.9% growth, supported by deepening collaborations with global pharmaceutical companies and expansion in chronic disease management categories [2]. - Service revenue amounted to 9.36 billion yuan, up 18.9%, driven by an increase in advertisers and third-party merchant commissions. The platform's merchant count exceeded 100,000, indicating significant scale effects [2]. Operational Developments - JD Health expanded online medical insurance payment services in 18 cities, connecting with over 3,000 designated pharmacies, covering a population of over 100 million. Innovations in offline pharmacy models and home healthcare services were also introduced [2]. Profitability Enhancement - The gross margin improved to 22.9%, attributed to a higher proportion of high-margin service revenue and product mix optimization. The fulfillment cost ratio increased by 0.5 percentage points to 10.4% due to logistics network expansion, while administrative expenses saw a significant improvement [3]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 have been adjusted to 62.7 billion yuan, 71 billion yuan, and 80.9 billion yuan respectively, with net profit estimates of 4.4 billion yuan, 5.1 billion yuan, and 6 billion yuan [4].