ALI HEALTH(00241) 海通国际·2024-06-04 06:01Investment Rating - The report maintains an "OUTPERFORM" rating for AliHealth with a target price of HKD 6.34 [3][5][12] Core Insights - The company's FY2024 performance exceeded market expectations, with revenue of CNY 27.03 billion, reflecting a 1.0% increase year-on-year. The self-operated pharmaceutical business generated CNY 23.74 billion, up 0.6% [11][12] - The gross margin improved to 21.8%, a 0.5 percentage point increase, while the fulfillment cost ratio was optimized to 8.9%, down 1.9 percentage points [11][12] - The report anticipates continued revenue growth driven by increased online service penetration, prescription outflow, and improved online medical insurance policies, projecting FY2025 revenue at CNY 31.16 billion, a 15.3% year-on-year increase [4][12] Financial Performance Summary - FY2024 net profit reached CNY 880 million, a 64.6% increase, with an adjusted net profit of approximately CNY 1.44 billion, up 90.8% [11][12] - The company expects net profits for FY2025 and FY2026 to be CNY 1.56 billion and CNY 1.96 billion, representing year-on-year growth of 76.3% and 25.6% respectively [4][12] - The report highlights a significant increase in interest income to CNY 480 million, a 44.4% rise [11][12] Valuation - The absolute valuation method estimates the company's equity value at CNY 105.328 billion, corresponding to a share price of HKD 6.34, based on a WACC of 7.8% and a perpetual growth rate of 3.5% [5][12]