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大摩:看好中國在線醫療行業 首次覆蓋平安好醫生(1833.HK)給予“增持”評級
格隆匯 03-26 15:38

摩根士丹利昨日發研報稱,平安好醫生(1833.HK)和阿里健康(0241.HK)是中國在線藥品銷售和患者諮詢領域的領軍企業。這兩家公司都是以通過提供多種產品來構建閉環生態系統為目標,並得到來自強大的母公司的支持。

大摩非常看好中國在線醫療行業,中國在線醫療市場在2018年創造了約200億元人民幣的銷售額。該行稱,中國擁有龐大的互聯網/智能手機用户羣體和先進的現代技術,這為中國帶來了獨特的機遇。在線醫療不僅解決了當前體系的一些痛點,還可以利用大數據的力量推動更有效的商業決策,並催生新的商業模式。未來6-12個月將逐步拓展在線諮詢的報銷範圍,並可能放寬在線處方銷售,這將為互聯網醫療保健公司拓寬競爭領域,並應在未來幾年推動強勁增長。Covid-19的爆發不僅在短期內刺激了對在線醫療服務的需求,而且在中長期內還將促進有利的監管發展和更廣泛的公眾對互聯網醫療服務的認識。

大摩續指,平安好醫生是中國領先的在線諮詢服務提供商,擁有3.15億註冊用户、6700萬月度活躍用户(MAU)和300萬月度付費用户(MPU)。在專有的基於人工智能的諮詢系統的幫助下,該公司的1400名醫生在2019年平均每天進行72.9萬次諮詢。該行認為,公司與平安集團以及更多金融機構的合作,並採用區別於大多數同行的以訂閲為基礎的模式,使其能夠相當迅速地實現盈利。該行看好平安好醫生全面的產品、無與倫比的規模和相對成熟的“2B”業務,認為逐步推出一些在線諮詢服務的公共報銷是一個關鍵的行業增長動力。根據公司管理層的觀察,在新冠肺炎爆發期間,公司的用户活動顯著增加,這可能將增厚提升其2020年的收益。該行首予平安好醫生74港元的目標價,並予其“增持”評級。

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