《大行报告》高盛首予平安好医生(01833.HK)「买入」评级 目标价130元
高盛发表报告,首予平安好医生(01833.HK)「买入」评级,予目标价130元,此按五年预测出脱市盈率方式作为基本情境估值方法,料公司至2023年将达到纯利收支平衡,估计其至2025年营运毛利率可稳定在20%水平。
该行指,平安好医生是内地最大的在线医疗服务提供商,提供大型的在线谘询服务,指公司凭藉在线患者服务方面的优势(其内部医疗团队由1,836名医生组成)和不断获得中国平安(02318.HK)的支持,相信可在行业竞争中脱颖而出。
高盛料至2030年,将看到平安好医生於在线医疗谘询中的市场份额,由2020年占销售额的27%,增长到42%(相比之下,2020年为33%,目前排名第二名市场份额为13%)。这是由於其领先的医生响应时间以及与该行业顶级医院/专家的联系服务所致。该行预测行业在2019年至2030年复合年增长率20%。
而该行料平安好医生於2020年至2022年各录亏损6.51亿、6.67亿及3.37亿人民币,料至2023年可达到收支平衡。
高盛称,如果平安好医生能够在2025年之前将其整体在线谘询市场份额提高至44%(该行对其基本情境预测为38%),相信藉服务组合变化,可推动了盈利能力,料对其每股估值可能会升至143港元。
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