该行对其目标价由62.14港元上调至74.57港元，相当预测明年市盈率30倍，维持"跑赢大市"评级。 麦格理发表研究报告指，预期京东健康第三季表现稳健，推动下半年收入按年增长22%。在线下药房影 响力减弱下，公司将继续巩固其作为主要医疗保健产品分销渠道的地位，进一步获取市场份额并整合市 场。考虑到公司在线下门店扩张方面采取审慎策略，以及第四季度促销活动的支出较大，该行预期下半 年经调整净利润率将按年升90个基点至8.1%，相应经调整净利润为29亿元。 ...

麦格理发布研报称，上调京东健康(06618)目标价20%，从62.14港元升至74.57港元，维持"跑赢大市"的 投资评级。麦格理对该公司盈利预测保持不变。麦格理预计，京东健康2025年第三季度趋势良好，可以 在下半年录得22%的收入同比增长。预计在线下药房疲弱之下，该公司将继续巩固其在主要医疗保健产 品分销渠道中的地位，进一步提升市场份额并整合市场。 麦格理预计该公司下半年增长强劲势头持续，受惠于更多新药的直接推出以及来自商家更强劲的广告花 费。麦格理预计药品销售贡献的增强将影响整体毛利率，认为相关品类的增长率(药品>补充剂>器械)不 会出现明显变化，相信公司的供应链能力和更快增长的市场收入，可以抵消这一拖累，并推动集团毛利 率下半年同比扩张1.5个百分点至23.7%。 考虑到公司在线下门店扩张方式谨慎，以及第四季度促销期间的花费增加，麦格理预计下半年经调整净 利润率将达到8.1%，同比增长90个基点。 ...

Core Viewpoint - Macquarie has raised the target price for JD Health (06618) by 20%, from HKD 62.14 to HKD 74.57, while maintaining an "Outperform" rating. The earnings forecast for the company remains unchanged [1]. Group 1: Revenue Growth and Market Position - JD Health is expected to achieve a 22% year-on-year revenue growth in the second half of 2025, driven by a strong trend in the third quarter [1]. - The company is anticipated to solidify its position in key healthcare product distribution channels, enhancing market share and market integration despite weak performance in offline pharmacies [1]. Group 2: Profitability and Margin Expectations - The company is projected to maintain strong growth momentum in the second half, benefiting from the direct launch of new drugs and increased advertising spending from merchants [1]. - An increase in drug sales is expected to positively impact overall gross margin, with a projected year-on-year expansion of 1.5 percentage points to 23.7% in the second half [1]. - Adjusted net profit margin is expected to reach 8.1% in the second half, reflecting a year-on-year increase of 90 basis points, considering cautious expansion in offline stores and increased spending during the fourth quarter promotional period [1].