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匯豐研究:平安好醫生(1833.HK)與方正集團具有協同效應 維持目標價120.5港元和買入評級
格隆匯 05-07 14:57

匯豐研究發研報指,平安集團於4月30日披露關於參與方正集團重整進展的公吿。據該公司介紹,此次投資將提升其在醫療健康領域的戰略定位,增強醫療健康生態系統。匯豐認為,平安好醫生(1833.HK)和方正集團之間的商業模式重疊和競爭空間有限,相反還具有協同效應:1,平安好醫生可通過與方正集團的線下醫院合作,拓展其在全國的線上業務;反之,平安好醫生亦能將其優質資源導向方正集團的醫療機構,從而實現線上與線下的協同合作。2,通過此次投資,平安好醫生可以接觸到一些排名靠前的三甲醫院最好的醫生,從而增加平安好醫生在平台上的醫生資源,提高醫療服務水平。

匯豐還稱,“新”法規不會影響平安好醫生的輕資產模式。4月24日,國家衞健委(NHC)重申了“互聯網醫院必須有線下實體”的要求。一些投資者擔心平安好醫生在中國申請自營互聯網醫院牌照可能導致資本支出增加,但事實上,平安好醫生已經考慮到了這一情況。在自營牌照下,平安好醫生將尋求與一家線下醫院合作,後者將賦予其申請互聯網醫院牌照和運營其在線分支的完全自主權,而公司將把高質量的病人流量和更復雜的病例引導到線下醫院。簡而言之,平安好醫生在運營自有互聯網醫院的城市,不需要額外花費資本支出來建設線下業務。

匯豐表示,由於近期股價疲軟,估值具有吸引力,維持平安好醫生目標價120.5港元和買入評級。互聯網醫院的持續推進、在線醫療服務的用户增加以及通過推出更有針對性的產品與平安保險集團更積極的合作,都將成為平安好醫生未來股價的關鍵催化劑。

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