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阿里健康:FY3、25财年收入略超市场预期,并表广告业务增厚利润-20250607
2025-06-07 00:25

Investment Rating - The report maintains an "Outperform" rating for AliHealth with a target price of HKD 5.42 per share [2][21]. Core Insights - The company reported a revenue of RMB 30.60 billion for FY3/25, reflecting a growth of 13.2%, and an adjusted net profit of RMB 1.95 billion, which is a 35.6% increase, leading to a net profit margin of 6.4% [3][15]. - The pharmaceutical self-operated business generated revenue of RMB 26.12 billion (+10.0%), while the e-commerce platform business saw a significant increase to RMB 3.59 billion (+54.0%) due to the consolidation of health advertising business [15][16]. - The second half of the fiscal year showed accelerated growth, with H2 revenue reaching RMB 16.32 billion (+16.0%), driven by the recovery of the pharmaceutical self-operated business [4][17]. Financial Performance Summary - Revenue and profit forecasts indicate steady growth, with FY26 revenue projected at RMB 33.42 billion (+9.2%) and FY27 at RMB 36.14 billion (+8.1%) [20]. - The gross margin for FY3/25 was reported at 24.3%, an increase of 2.5 percentage points, while the overall operating expense ratio remained stable at 19.5% [18][19]. - The company’s free cash flow is expected to grow significantly, with projections of RMB 1.88 billion for FY26 and RMB 2.20 billion for FY27 [10][12]. Valuation and Market Position - The DCF valuation method estimates the company's equity value at HKD 87.12 billion, corresponding to a target price of HKD 5.42 per share, based on a WACC of 8.3% and a perpetual growth rate of 3.5% [21][11]. - The report highlights the company's strategic focus on enhancing its online platform capabilities and expanding its product categories, which is expected to positively impact profitability [19][20].