关注后续前置仓业务投入成效

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of 42.10 HKD [7][8]. Core Views - The report highlights a significant acceleration in revenue growth for the company, with a 1Q25 total revenue of 16.6 billion RMB, representing a year-on-year increase of 25.5%. This is an improvement compared to the revenue growth rates of 14.8% and 11.3% in 3Q24 and 4Q24 respectively, primarily driven by increased demand for medications due to a flu season shift and a recovery in consumption of health and medical devices [1][2]. - The non-IFRS net profit for 1Q25 reached 1.77 billion RMB, with a non-IFRS net profit margin of 10.6%, up by 1.6 percentage points year-on-year, marking the highest quarterly figure in the past two years. This improvement is attributed to the recovery in high-margin health product sales and the scaling benefits of self-operated businesses [1][2]. - The company is focusing on enhancing its O2O delivery experience by increasing investments in self-operated front warehouses in 2025, which is expected to provide ammunition for future business investments [1][2]. Revenue Growth and Business Development - The company estimates that its three main product categories—medications, health products, and medical devices—achieved year-on-year growth rates of over 30%, 20%, and high single digits respectively in 1Q25. The surge in medication sales is particularly notable due to the flu season shift [2]. - The report anticipates that the company will maintain a mid-double-digit revenue growth trend in 2Q25, even after the flu season impact subsides, supported by ongoing improvements in instant retail business capabilities and consumer sentiment [2]. - The parent company, JD Group, is actively developing instant retail and delivery services, which is expected to enhance user traffic on the main JD platform, benefiting the company through increased sales opportunities and improved profit margins [2]. AI and Healthcare Applications - The company is advancing the application of AI technology in its healthcare services, including specialized disease treatment and health management. The launch of the "AI Jingyi" product system in January 2025 aims to provide intelligent diagnostic assistance and research support to doctors [3]. - The "Jingyi Qianxun" medical model was launched in February 2025, becoming the first fully open-source vertical model in the domestic healthcare industry. Over 80% of doctor consultations in the company's internet hospital utilize AI services, with a satisfaction rate of 91% for AI nutritionist services [3]. Profit Forecast and Valuation - The company maintains its non-IFRS net profit forecasts for 2025-2027 at 4.41 billion, 4.69 billion, and 4.97 billion RMB respectively. The target non-IFRS PE valuation for 2025 is set at 28 times, with a target price adjustment to 42.1 HKD due to currency fluctuations [4][14]. - The revenue forecasts for 2025-2027 are kept unchanged at 66.2 billion, 71.9 billion, and 77.6 billion RMB respectively, with a projected revenue growth rate of 13.8% in 2025 [12][20].