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《大行報告》大和降平安好醫生(01833.HK)目標價至100元 料短期競爭加劇
阿思達克 01-13 14:26
大和發表的研究報告指,相信平安好醫生(01833.HK)定位良好,在平安的庇蔭下可長期參與其健康科技生態系統。公司策略投資互聯網醫院、線上醫生平台等,在2020年底前設立20所互聯網醫院,並計劃今年再增20所,現時透過互聯網醫院線上問診帶來的直接收入有限,不過就可透過互聯網醫院捕捉醫生資源,並提供流暢、高效的線上體驗,相信未來有更多變現的模式,包括是共享會診費用、線下服務轉介、藥物銷售、健康管理及健康險等。

短期而言策略投資削弱公司財務表現,加上相關營運開支等往往在變現前已出現,此外用戶流量競爭在過去數月加劇,拖累公司收入增長減慢,短期開支亦有所增加。另外,公司去年9月配股籌74億元後,出現一次性的匯兌虧損。

該行重申對平安好醫生「跑贏大市」評級,但將目標價由140元降至100元,以反映短期競爭加劇,加上去年下半年主要財務數字或呈弱勢,將去年收入預測降7%,並將開支預測升18%,意味去年將錄8.5億元人民幣的淨虧損。另外考慮到公司逐步遠離零售電商,故將其2021-22年收入預測降17-21%,活躍用戶預測則降19%,估計收支平衡點將延至2024年。(el/u) ~

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