Macquarie: Raises JD HEALTH target price to HKD 74.57, maintains "Outperform" rating

Zhitong
2025.10.17 03:24
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Macquarie raised the target price for JD HEALTH by 20% to HKD 74.57, maintaining an "Outperform" rating. It is expected that revenue will grow by 22% year-on-year in the third quarter of 2025, and the adjusted net profit margin in the second half of the year will reach 8.1%, an increase of 90 basis points year-on-year. Macquarie believes that the company's position in the main healthcare product distribution channels will continue to strengthen, benefiting from the launch of new drugs and increased advertising spending, with an overall gross profit margin expected to expand by 1.5 percentage points year-on-year to 23.7%