京東健康: 24H1業績點評:利潤端創半年度新高,高質量發展鞏固領先優勢

（以下内容从天风国际证券《京東健康: 24H1業績點評:利潤端創半年度新高,高質量發展鞏固領先優勢》研报附件原文摘录）
　　JD Health International (6618 HK) 24H1业绩点评：利润端创半年度新高，高质量发展巩固领先优势 24H1E profit peak on service enhancements as JDH consolidates online retail and supply edge BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：近期，京东健康（06618.HK）发布2024年中期业绩。公司2024年上半年实现营业收入283.44亿元，较去年同期271亿元同比增长4.6%；分业务来看，2024年上半年公司自营商品收入239.1亿元，同比增长3.2%；服务收入44.3亿元，同比增长12.5%。 公司毛利率上升0.7pct至23.6%，主要是由於收入组合变动；期间盈利20.3亿元，同比提升30.2%，调整後Non-IFRS净利润达到26.4亿元，较23年同期24.4亿元同比增长8.5%。 运营数据：截至2024年6月30日，京东健康过去12个月的年度活跃用户数量达1.81亿，较2023年6月30日的1.69亿净增1200万人，2024年上半年日均在线问诊量超过48万次。 24H1E revenue up 5% yoy on growth spike in services; profit hit a new high Top line: JD Health (JDH) announced unaudited 24H1E results recently with revenue at RMB28.34bn, up 4.6% yoy (vs RMB27.1bn), comprising: ·Direct sales at RMB23.91bn (up 3.2% yoy); and ·Service revenue at RMB4.43bn (up 12.5% yoy). Profitability: ·Gross margin widened 0.7ppt yoy to 23.6% in H1E, mostly on a shift in revenue mix; ·Profit arrived at RMB2.03bn, an increase of 30.2% yoy; ·Non-IFRS net profit was RMB2.64bn, up 8.5% yoy (vs RMB2.44bn). Operational metrics: ·YAU: 181m annual active users (YAU) in the 12 months to 30 June 2024, with 12m net additions yoy (vs 169m YAU); ·Consultations: averaging more than 480,000 daily online consultations in 24H1E. 点评： 自营商品销售持续增长。2024年上半年，公司自营业务收入达239亿元，同比增长3.2%。截至2024年6月，京东健康过去12个月的年度活跃用户达1.81亿，较2023年同期同比净增1200万，相对集团用户仍有较大渗透空间。我们认爲，京东健康已形成“自营+在线平台+即时零售”相融合的成熟运营模式，随着全渠道供应链优势不断巩固，核心品类市占份额有望提升，带动用户渗透率及购买频次提升。 平台、广告及其他服务贡献业绩增量。2024年上半年，公司平台、广告及其他服务收入爲44.3亿元，同比增长12.5%。截至6月30日，京东健康第三方商家数量达8万家，同比增长超100%。此外，公司持续线下布局，期间新开设两家自营听力中心，爲用户提供助听器线上选购与线下验配谘询的一站式服务。今年618期间，京东健康全面升级“问营养师”服务，目前已建成国内最大的专业营养师在线服务团队。我们认爲，随着公司线上线下一体化服务体系进一步完善，有望助力公司服务业务持续增长。 Divisional analysis: direct product sales vs platform, retail and medical services Direct sales: JDH’s direct sales of pharma and health care products amounted to RMB23.91bn in 24H1E, up 3.2% yoy. YAU net increased yoy by 12m users to 181m as of 30 June 2024. Looking ahead, we believe JDH’s mature operating model integrates well its direct business, online platform and instant retail operations. We anticipate it will increase market share in core categories as it continues to consolidate an omnichannel supply chain advantage to drive up user penetration and purchase frequency. Services: we expect JDH’s service segment will keep growing as its integrated O2O services improve and mature. The company’s health care platform, advertising and other services drove incremental profit in H1E on revenue of RMB4.43bn, up 12.5% yoy: ·It had 80,000 third-party merchants as of 30 June, up more than 100% yoy. ·Its offline medical care business opened two new directly-operated hearing centers; the one-stop services allow clients to buy hearing aids online as well as offline fitting consultations. ·JDH rolled out a Nutritionist Consultation service upgrade at the 618 promotions this year, which provides access to China’s largest online service team of certified dietitians. 毛利率持续回升，利润端创半年度新高。2024年上半年，公司实现毛利67亿元，同比增加8%，毛利率由2023年上半年的22.9%上升0.7pct至23.6% （2023年爲22.2%），主要系收入组合变动所致。Non-IFRS净利润达26.4亿元，同比增长8.5%，净利润率达9.3%、创半年度业绩新高。期间，公司履约/销售/管理/研发费用率分别爲10.4%/ 5.0%/ 2.4%/ 2.3%，同比变化+0.9pct/ +0.6pct/ -0.8pct/ +0.00pct。我们认爲，随着第三方生态体系的完善进一步丰富商品种类和服务供给，京东健康的运营效率或仍有提升空间。 Margin analysis: H1E GPM bounced back as profit set a new half-year record Profitability: JDH made gross profit of RMB6.7bn in 24H1E, up 8% yoy, on a 0.7ppt yoy gross margin increase to 23.6% (vs 22.9% in 23H1 and 22.2% in 2023), mainly due to a shift in revenue mix. Non-IFRS net profit was RMB2.64bn, up 8.5% yoy, and net margin was 9.3%, another new half-year record. Expense ratios: fulfillments expense ratio came to 10.4% (up 0.9ppt yoy) in H1E, sales 5.0% (up 0.6ppt), administrative 2.4% (down 0.8ppt) and R&D 2.3% (+0.00ppt). We believe that the company’s improvements in the 3P merchant ecosystem will continue to enhance product range and service supply, which would expand growth potential in JDH’s operational efficiency. 多地开放线上医保购药，有望爲平台带来新流量增长。截至6月30日，京东买药秒送已在北京、上海、东莞开通“网上买药医保个账支付”服务，其中在北京成爲首个开通此服务的平台，接入超350家医保定点零售药店。上半年，京东健康即时零售业务“京东买药秒送”，实现 “平均28分钟、最快9分钟”送达，覆盖全国超490个城市，合作药房超15万家。我们认爲，京东健康已形成“自营+在线平台+即时零售”相融合的成熟运营模式，随着线上医保购药陆续放开，公司有望打开中长期增长空间。 Multi-city rollout of online pharmacy service with designated insurance payment JDH’s user traffic is set to grow on the opening of a designated online pharmacy service with medical insurance account payment services across Beijing, Shanghai and Dongguan as of 30 June. Beijing was the first platform and it links more than 350 retail pharmacies designated for medical insurance payments. JDH’s instant delivery service (which it touts will deliver as fast as 9 minutes and 28 minutes on average) covers more than 490 cities across China and more than 150,000 cooperative pharmacies. We believe JD Health has a mature operating model which integrates direct sales with an online platform and instant retail. We see medium to long-term growth potential for the business as it optimizes online pharmacy services designated for medical insurance. 投资建议/Investment Ideas 投资建议： 考虑到宏观消费影响及公司23年下半年由网上购药需求上升带来的较高基数，我们调整公司2024/2025年收入预测爲575/674 亿元（前值620/727亿元），调整後净利润爲46/50亿元（前值41/48亿元），维持“买入”评级。长期来看，我们看好公司作爲自营医药电商不断强化，活跃用户继续渗透，以及行业领先的全渠道供应链能力保障。 Valuation and risks We are bullish about JD Health’s long-term prospects as its directly-operated pharmaceutical ecommerce business gains traction on further penetration of active users, based on its industry-leading omnichannel supply chain capabilities. Taking into account macro consumption factors and the high 23H2 base on growing demand for online drugs, we trimmed our 2024/25E revenue forecast to RMB57.5bn/67.4bn (previously RMB62.0bn/72.7bn) and adjusted net profit to RMB4.6bn/5.0bn (previously RMB4.1bn/4.8bn). We maintain our BUY rating on the stock. 风险提示：1. 宏观经济的不确定性；2. 互联网医疗政策收紧；3. 处方药销售不及预期；4. 行业竞争加剧 Risks include: macroeconomic uncertainties; tightening online medical market policies; lower-than-expected prescription drug sales; and intensifying competition. 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