中信證券:首予平安好醫生(1833.HK)“買入”評級 目標價113.07港元
中信證券研究報吿稱,首次覆蓋平安好醫生(1833.HK),給予“買入”評級,目標價113.07港元。
報吿指出,公司全面戰略升級,作為互聯網醫療龍頭,在政策疫情加持下充分受益,未來攜手平安醫保、商保,戰略升級築線上線下閉環,集團協同、自有醫生+AI形成競爭壁壘,對比Teladoc,私家醫生料將成為新增量。
中信證券認為,平安好醫生具有以下五大優勢:
一,公司是我國規模最大的互聯網醫療平台,截止2020年6月底,公司註冊用户數達3.46億,2020年6月MAU達67.3百萬;
二,互聯網首診、醫保接通、網售處方藥等行業生態關鍵節點處於政策黃金期。疫情催化下,業內龍頭用户端流量井噴,降低平台獲客成本,縮短用户教育週期;
三,公司構建線上線下生態閉環,協同平安醫保科技打通醫保,加速互聯網醫院跑馬圈地,藥店雲中心倉模式加深藥店合作;
四,平安生態圈加持,公司充分受益集團資源實現低獲客成本。公司以自有醫生為核心,以會員服務為切入,提供用户粘性。AI賦能多場景醫療服務,提效降本,提升診斷精度和服務質量;
五,對標美國最大遠程醫療服務商Teladoc,公司B2B2C獲客及訂閲製為主的模式擁有更多潛在用户和粘性,預計將成為公司新業績增長點。
中信證券預計,公司2020-2022年實現營業收入66.01/90.85/123.39億元,實現淨利潤-12.56/-16.17/-13.05億元,對應2021年估值1297.29億港元,目標價113.07港元,首次覆蓋,給予“買入”評級。
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