智通财经APP获悉，高盛发布研报称，对京东健康(06618)维持“买入”评级，同时对阿里健康(00241)维持“中性”评级，目标价4港元。从估值角度，高盛认为京东健康比阿里健康更具吸引力，京东健康未来两年预计销售增长较快，同比料有13%-15%的增幅，并在2025财年继续扩大经营利润率。
高盛表示，京东健康在药品类别方面竞争优势更强，凭借线上到线下和实体药房布局实现线上线下整合，将受益于网上医保报销的扩展。未来两年，京东健康预计销售同比增长13%-15%，2025财年因病人业务规模扩大、对供应商议价能力增强以及营养品类别商家广告支出增加，经营利润率将继续扩大。
此外，该行称，尽管已经历重大估值重评，健康护理行业受人工智能的显著财务影响尚需时日，目前焦点在提升效率，但预计今年龙头企业会有更多AI举措。京东健康与阿里健康存在估值差异，前者更为吸引，当前相当于预测市盈率19倍，每股盈利年均复合增长预计达13%-17%，净现金占市值逾50%;而阿里健康2025财年预测市盈率达35倍。
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