瑞银称，京东健康今年第三季度在收入及利润均胜预期，收入同比增长从今年上半年的24.5%，加速至 第三季度28.7%，认为主要由于药品销售的强劲增长、保健品业务增长显著回升，以及2024年第三季度 基数相对较低。瑞银表示，考虑到京东健康药品增长维持强劲;线上到线下(O2O)策略稳步推进，估计药 品销售增长在今年第三季度维持约30%强劲增长，慢性病药及创新药增长更快。 瑞银发布研报称，上调京东健康(06618)2025至2027年盈利预测4%至13%，并基于2027财年30倍市盈率 或调整后盈利，将目标价从78.5港元上调至85港元;新目标价意味2027年1.25倍市盈增长率，维持"买 入"评级。 ...

Core Viewpoint - UBS has raised JD Health's (06618) profit forecasts for 2025 to 2027 by 4% to 13%, increasing the target price from HKD 78.5 to HKD 85, implying a 1.25x growth rate for 2027, while maintaining a "Buy" rating [1] Group 1: Financial Performance - JD Health's Q3 revenue and profit exceeded expectations, with revenue growth accelerating from 24.5% in the first half of the year to 28.7% in Q3 [1] - The strong growth in revenue is attributed to robust sales in pharmaceuticals and a significant rebound in health products, alongside a relatively low base in Q3 2024 [1] Group 2: Sales Growth Drivers - Pharmaceutical sales growth is estimated to maintain a strong rate of approximately 30% in Q3, with even faster growth in chronic disease medications and innovative drugs [1] - The company's online-to-offline (O2O) strategy is steadily advancing, contributing to the overall sales performance [1]