CICC Leasing released a research report stating that it maintains a "outperform the market" rating for ali health (00241), with the revenue growth rate for the fiscal year 2025 adjusted to approximately 10%, but the net margin for 2025 increased to 5.5%. The target price is 4.5 Hong Kong dollars, and the current trading price of the stock is about 20 times the 2026 fiscal year PE ratio, while the three-year compound annual earnings per share growth rate is 22%.
The report states that ali health is shifting its recent focus from prescription pharmaceuticals to non-pharmaceutical and over-the-counter pharmaceuticals, which will bring pressure to 1P sales growth but will increase profitability. The bank believes that the online penetration rate of prescription drugs has the advantage of rich profits, but its speed depends on policies. Potential expansion of online reimbursement scope and further improvement in acceptance rates with the parent company may act as catalysts.
