Tianfeng Securities·2025-05-14 14:16Investment Rating - The investment rating for JD Health is "Buy" with a maintained rating for the next six months [6]. Core Insights - JD Health reported a significant increase in both revenue and profit for Q1 2025, with revenue reaching 16.645 billion yuan, a year-on-year growth of 25.5%, and operating profit of 1.071 billion yuan, up 119.8% [1][3]. - The company is enhancing its "self-operated + platform + instant retail" model and deepening its application of medical AI technology to improve service efficiency and user satisfaction [1][2]. Summary by Sections Financial Performance - In Q1 2025, JD Health achieved a revenue of 16.645 billion yuan, compared to 13.267 billion yuan in the same period last year, marking a 25.5% increase. Operating profit was 1.071 billion yuan, a 119.8% increase year-on-year. Non-IFRS operating profit reached 1.308 billion yuan, up 73.4%, while Non-IFRS profit was 1.768 billion yuan, a 47.7% increase [1][3]. Business Strategy - The company has solidified its position as the "first station for the online launch of new specialty drugs," collaborating with major pharmaceutical companies to meet diverse patient medication needs. JD Health has also deepened partnerships with health brands to enhance product innovation and marketing efficiency [2]. - JD Health is advancing its medical AI initiatives, launching the "AI Jingyi" product system to provide intelligent diagnostic support for doctors. By the end of March, over 80% of doctor consultations in JD Health's internet hospital utilized AI services, with a satisfaction rate of 91% for AI nutritionist services [2]. Growth Potential - The company has expanded its instant retail services to over 490 cities, offering delivery in as fast as 9 minutes. The integration of online medical insurance purchasing is expected to open up long-term growth opportunities [3]. - The revenue forecasts for 2025-2027 have been adjusted to 63.2 billion yuan, 71.6 billion yuan, and 81.5 billion yuan, respectively, with net profit estimates of 4.4 billion yuan, 5.1 billion yuan, and 6.0 billion yuan [4].