Jinwu Financial News | According to Tianfeng Securities Research, JD Health (06618) achieved operating revenue of 53.5 billion yuan in 2023, an increase of 14.5% over 46.7 billion yuan in the same period last year; by business, the company's own product revenue in 2023 was 45.65 billion yuan, up 13.1% year on year; service revenue was 7.88 billion yuan, up 23.7% year on year. The company's gross margin increased by 1.0 pct to 22.2%, mainly due to changes in the product portfolio; annual profit was 2.14 billion yuan, up 459.2% year on year, and adjusted non-IFRS net profit reached 4.14 billion yuan, up 58.1% year on year from 2.62 billion yuan in the same period in '22.
The bank believes that in the future, with the further expansion of the business scale and the gradual expansion of large-scale medical model applications, there is still room for improvement in the company's operational efficiency. Furthermore, the bank believes that as the company continues to expand its diversified category matrix, accurately matching user needs and product supply through digital marketing, it is expected to further increase users' cross-purchasing of different categories of products.
Taking into account the company's annual report performance, the 24-year category and user scale expansion expectations, the bank adjusted the company's 2024/2025 revenue forecast to be 620/727.85.4 billion yuan (67.1 billion yuan 24 years ago), and adjusted net profit was 41/48/5.3 billion yuan, maintaining the “buy” rating. In the long run, the bank is optimistic that the company's mentality as a leading e-commerce leader in self-operated pharmaceuticals will continue to be strengthened, active users will continue to penetrate, and the guarantee of industry-leading omnichannel supply chain capabilities.