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《大行報告》大和昇平安好醫生(01833.HK)評級至「買入」 目標價維持117元
大和發表研究報告,指平安好醫生(01833.HK)分銷渠道升級有利從平安集團其他附屬獲取額外O2O流量,支持用戶增長,上調投資評級由「跑贏大市」升至「買入」,目標價維持117元。

報告稱,在主要互聯網公司面對線上流量逆風下,認爲平安好醫生新O2O用戶獲取模式出類拔萃,料上半年用戶流量及收入可見穩定增長。該行料公司僅滲透至平安集團2.18億零售用戶的3%,以及約100萬名企業客戶。該行料其月度活躍用戶上半年按年有逾10%升幅,跑贏對上財年同期的7%升幅。

大和表示,留意到三個升級趨勢,首先,平安好醫生及平安集團的交叉銷售以往侷限於特選保險產品,現在則涵蓋所有危疾產品;第二,交叉銷售擴展至其他附屬,如平安集團健康險及產險分支,未來潛在擴至平安銀行(000001.SZ);第三,交叉銷售以往侷限於零售用戶,現瞄準企業客戶及其僱員。

報告料平安好醫生上半年收入按年升37%,線上醫療服務收入料按年升約60%。該行料透過線下渠道如壽險團隊及企業渠道帶來的客戶流量,將顯然貢獻平安好醫生用戶增長,將抵銷會員產品銷售均價下降有餘。該行料上半年消費者健康護理產品收入按年升60%至70%,受惠企業客戶僱員體檢需求。該行料其毛利率將按年輕微倒退,因線下服務付運正常化。(da/a) ~

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