事件：
近期，京東健康（06618.HK）發佈2024年中期業績。公司2024年上半年實現營業收入283.44億元，較去年同期271億元同比增長4.6%；分業務來看，2024年上半年公司自營商品收入239.1億元，同比增長3.2%；服務收入44.3億元，同比增長12.5%。
公司毛利率上升0.7pct至23.6%，主要是由於收入組合變動；期間盈利20.3億元，同比提升30.2%，調整後Non-IFRS淨利潤達到26.4億元，較23年同期24.4億元同比增長8.5%。
運營數據：截至2024年6月30日，京東健康過去12個月的年度活躍用戶數量達1.81億，較2023年6月30日的1.69億淨增1200萬人，2024年上半年日均在線問診量超過48萬次。
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.
點評：
自營商品銷售持續增長。
2024年上半年，公司自營業務收入達239億元，同比增長3.2%。截至2024年6月，京東健康過去12個月的年度活躍用戶達1.81億，較2023年同期同比淨增1200萬，相對集團用戶仍有較大滲透空間。我們認爲，京東健康已形成“自營+在線平臺+即時零售”相融合的成熟運營模式，隨着全渠道供應鏈優勢不斷鞏固，核心品類市佔份額有望提升，帶動用戶滲透率及購買頻次提升。
平臺、廣告及其他服務貢獻業績增量。
2024年上半年，公司平臺、廣告及其他服務收入爲44.3億元，同比增長12.5%。截至6月30日，京東健康第三方商家數量達8萬家，同比增長超100%。此外，公司持續線下佈局，期間新開設兩家自營聽力中心，爲用戶提供助聽器線上選購與線下驗配諮詢的一站式服務。今年618期間，京東健康全面升級“問營養師”服務，目前已建成國內最大的專業營養師在線服務團隊。我們認爲，隨着公司線上線下一體化服務體系進一步完善，有望助力公司服務業務持續增長。
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.
毛利率持續回升，利潤端創半年度新高。
2024年上半年，公司實現毛利67億元，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%），主要系收入組合變動所致。Non-IFRS淨利潤達26.4億元，同比增長8.5%，淨利潤率達9.3%、創半年度業績新高。期間，公司履約/銷售/管理/研發費用率分別爲10.4%/ 5.0%/ 2.4%/ 2.3%，同比變化+0.9pct/ +0.6pct/ -0.8pct/ +0.00pct。我們認爲，隨着第三方生態體系的完善進一步豐富商品種類和服務供給，京東健康的運營效率或仍有提升空間。
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.
多地開放線上醫保購藥，有望爲平臺帶來新流量增長。
截至6月30日，京東買藥秒送已在北京、上海、東莞開通“網上買藥醫保個賬支付”服務，其中在北京成爲首個開通此服務的平臺，接入超350家醫保定點零售藥店。上半年，京東健康即時零售業務“京東買藥秒送”，實現 “平均28分鐘、最快9分鐘”送達，覆蓋全國超490個城市，合作藥房超15萬家。我們認爲，京東健康已形成“自營+在線平臺+即時零售”相融合的成熟運營模式，隨着線上醫保購藥陸續放開，公司有望打開中長期增長空間。
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.
