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《大行》中金降阿里健康(00241.HK)目標價至6.5元 維持「跑贏行業」評級
中金發表報告指,阿里健康(00241.HK)公布,22026財年業績,收入342.6億元人民幣(下同),按年升12%,non-GAAP淨利潤23.3億元,按年升19.3%,對應利潤率6.8%,按年升0.4百分點,弱於該行預期,主要因新業務方向費用投入超預期。醫藥自營業務表現更加突出,利潤端有所波動,持續強化戰略方向投入,強化股東回報。考慮到公司或將強化戰略方...
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《大行》中金降阿里健康(00241.HK)目標價至6.5元 維持「跑贏行業」評級
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中金發表報告指,阿里健康(00241.HK)  0.000 (0.000%)    Short selling $153.16M; Ratio 34.469%   公布,22026財年業績,收入342.6億元人民幣(下同),按年升12%,non-GAAP淨利潤23.3億元,按年升19.3%,對應利潤率6.8%,按年升0.4百分點,弱於該行預期,主要因新業務方向費用投入超預期。醫藥自營業務表現更加突出,利潤端有所波動,持續強化戰略方向投入,強化股東回報。

考慮到公司或將強化戰略方向投入佈局,該行下調公司2027財年non-GAAP淨利潤15%至23.3億元,首次引入2028財年non-GAAP淨利潤25.7億元。考慮到公司作為行業龍頭廠商,長期競爭力依然紮實,同時估值切換到2027財年,基於SOTP下調公司2027財年目標價8.5%至6.5港元,維持「跑贏行業」評級。(ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.)

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