JD HEALTH(06618) 天风证券·2025-03-10 05:23Investment Rating - The investment rating for JD Health (06618.HK) is "Buy" with a target price not specified [4]. Core Views - 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%, driven by revenue mix optimization. Annual profit reached 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 the previous year, with over 100% growth in the number of third-party merchants exceeding 100,000 [1][2]. Revenue Breakdown - Self-operated product revenue for 2024 was 48.80 billion yuan, reflecting a 6.9% increase, supported by strengthened supply chain capabilities and collaboration with global pharmaceutical companies [2]. - Service revenue for 2024 was 9.36 billion yuan, up 18.9%, primarily due to an increase in the number of advertisers and growth in third-party merchant commissions [2]. Operational Data - The average daily online consultation volume exceeded 490,000 in 2024, indicating enhanced capabilities in medical service delivery through specialized services and AI applications [2][3]. - JD Health expanded online medical insurance payment services in 18 cities, connecting over 3,000 designated pharmacies, covering a population of over 100 million [2]. Profitability Optimization - 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 [3]. - The selling expense ratio slightly increased by 0.2 percentage points to 5.2%, mainly due to increased marketing investments, while general and administrative expenses improved significantly by 1.3 percentage points to 2.4% [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 adjusted net profits projected at 4.4 billion yuan, 5.1 billion yuan, and 6 billion yuan [4].