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《大行報告》瑞銀下調平安好醫生(01833.HK)目標價至115元 評級「買入」
阿思達克 01-21 09:55
瑞銀發表的研究報告指,根據平安好醫生(01833.HK)的策略升級,該行將公司盈利預測下調,以反映公司在加強銷售渠道及服務能力時的開支增加,而收支平衡點則由2022年推遲至2025年。雖然未來數年短期盈利受壓,但維持對公司長遠增長潛力看法正面,相信公司優勢在於保險網絡協同,以及在線上醫療方面難被取代,將其目標價由146元降至115元,認為近期股價下跌已大致反映收支平衡點推遲的負面因素,予「買入」評級,認為線上醫療競爭環境未變,而策略升級對長期發展亦有必要。

該行指出,公司將改善四大銷售渠道以接觸更大的客戶基礎,並計劃將自家醫生團隊由約2,000人增至3,000人,以改善服務能力,另外亦將大量投資在互聯網醫院開發及與地方政府合作,並加深對保險、企業及個人客戶的銷售,而這些舉措均需要投資,相信2021至2022年的淨虧損將會擴大,不過在2023年就會逐步收窄。

該行將公司的收支平衡點由2022年延遲至2025年,並將2020至2025年的收入年複合增長由41%降至36%,主要因為健康商城收入增長預測下降,維持對線上醫療服務2021至2025年年複合增長預測為60%,相信受惠產品組合改善,未來五年毛利率將擴張,不過銷售、一般及行政開支比率則會有所上升。

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