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《大行报告》大和降平安好医生(01833.HK)目标价至100元 料短期竞争加剧
阿思达克 01-13 14:26
大和发表的研究报告指,相信平安好医生(01833.HK)定位良好,在平安的庇荫下可长期参与其健康科技生态系统。公司策略投资互联网医院、线上医生平台等,在2020年底前设立20所互联网医院,并计划今年再增20所,现时透过互联网医院线上问诊带来的直接收入有限,不过就可透过互联网医院捕捉医生资源,并提供流畅、高效的线上体验,相信未来有更多变现的模式,包括是共享会诊费用、线下服务转介、药物销售、健康管理及健康险等。

短期而言策略投资削弱公司财务表现,加上相关营运开支等往往在变现前已出现,此外用户流量竞争在过去数月加剧,拖累公司收入增长减慢,短期开支亦有所增加。另外,公司去年9月配股筹74亿元後,出现一次性的汇兑亏损。

该行重申对平安好医生「跑赢大市」评级,但将目标价由140元降至100元,以反映短期竞争加剧,加上去年下半年主要财务数字或呈弱势,将去年收入预测降7%,并将开支预测升18%,意味去年将录8.5亿元人民币的净亏损。另外考虑到公司逐步远离零售电商,故将其2021-22年收入预测降17-21%,活跃用户预测则降19%,估计收支平衡点将延至2024年。(el/u) ~

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