JD HEALTH(HK:06618) 硬AI·2025-10-15 06:56Core Viewpoint - HSBC is optimistic about JD Health due to strong growth in its pharmaceutical and health supplement businesses, particularly in innovative drugs, which account for approximately 30% of prescription drug sales and benefit from hospital patient flow migration [2][3]. Group 1: Business Growth - JD Health is leveraging two core business drivers: pharmaceuticals and health supplements, with a projected revenue growth of about 20% year-on-year in the second half of 2025 [3]. - The innovative drug segment is highlighted as a key growth area, benefiting from the trend of hospital prescriptions moving online [3]. Group 2: AI Implementation - The application of AI technology has resulted in a 10% improvement in cost efficiency and conversion rates for JD Health [6]. - The company utilizes vast amounts of real user dialogue data to train its AI models, enhancing their precision and effectiveness [6]. Group 3: Profitability and Investment - JD Health is actively expanding its offline presence, planning to open 200 self-operated pharmacies within the year, which is impacting its profit margins [8]. - The adjusted net profit margin for JD Health is expected to remain between 8-10% in the short term, with a forecasted drop to around 6% in the second half of 2025 [8][9]. - The company is implementing stricter cost controls to mitigate the impact on profit margins [9]. Group 4: Analyst Rating and Price Target - HSBC maintains a "buy" rating for JD Health and has slightly raised its target price from HKD 65.00 to HKD 66.00, indicating a potential upside of 7.4% [9].