智通财经APP获悉，里昂发布研报称，基于强劲销售动能，将京东健康(06618)2025及26年经调整净利润 预测分别上调15%及13%，维持"跑赢大市"评级。该行预期2025年下半年公司收入将同比增长16%，由 药品销售增长逾25%所带动，料营业补充品销售亦有高十位数同比增长，经调整EBIT或同比持平，因 公司持续投入于O2O业务、线下药房及AI。 京东健康上半年业绩符合预期，当中收入同比增长24.5%至353亿元人民币(下同)，经调整EBIT同比升 57%至25亿元。次季收入增24%维持稳健增速，主要受惠于618购物节良好表现及用户数强劲增长，药 品销售亦因原厂药需求转移由院内向院外而有所提升。 ...

Group 1 - Goldman Sachs forecasts that JD Health will maintain robust revenue in Q2 this year while keeping spending disciplined, reaffirming a "buy" rating due to JD Health's strong position in the pharmacy and medical services sectors [1] - JD Health is rapidly building front warehouses in first-tier cities, with approximately 40 to 50 warehouses established nationwide as of mid-year, aiming for about 200 by the end of 2025, in line with the group's instant delivery plan [1] - Despite intense market competition, Goldman Sachs believes that the pharmaceutical category is difficult to drive sales through promotions, as consumers prioritize quality and variety [1] Group 2 - Goldman Sachs expects JD Health's sales to grow approximately 18% and operating profit to increase about 5% in Q2 2025, considering the gradual increase in investments [2] - The company’s guidance for flat profit growth in FY2025 has accounted for significant investment increases in the second half of the year [2] - Based on improved profit margin assumptions, Goldman Sachs' profit forecast for JD Health in 2025 is 6% higher than market consensus, while net profit estimates have been raised by 1% to 2% due to disciplined cost and expense control [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 18.18 CNY [3] Core Views - The company is experiencing short-term profit pressure due to rapid store expansion and integration, with a focus on expanding into provinces outside of its traditional markets and into county-level cities [7] - The company reported a revenue of 18.00 billion CNY in 2024, a year-on-year increase of 3.57%, but a significant decline in net profit attributable to the parent company, which was 114 million CNY, down 79.23% year-on-year [7] - The company aims to enhance its operational efficiency as it expands its store network, which totaled 11,498 stores by the end of 2024, with a net increase of 1,243 stores during the year [7] Financial Information Summary - Revenue projections for the company are as follows: - 2023A: 17,380 million CNY - 2024A: 18,000 million CNY (3.6% growth) - 2025E: 19,512 million CNY (8.4% growth) - 2026E: 21,476 million CNY (10.1% growth) - 2027E: 23,919 million CNY (11.4% growth) [2] - The company's net profit attributable to the parent company is projected to recover significantly by 2025, reaching 594 million CNY, a 420.4% increase from 2024 [2] - The earnings per share (EPS) forecast is as follows: - 2023A: 0.94 CNY - 2024A: 0.19 CNY - 2025E: 1.01 CNY - 2026E: 1.28 CNY - 2027E: 1.39 CNY [2] - The company’s gross margin is expected to stabilize around 33.0% by 2027, with a slight dip to 31.8% in 2024 [2] Market Performance - The company's stock price as of May 21, 2025, was 17.19 CNY, with a 52-week high of 22.73 CNY and a low of 10.84 CNY [3] - The company has shown a strong absolute performance over the past week and month, with increases of 24.03% and 31.72% respectively [4]