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《大行報告》匯豐研究降平安好醫生(01833.HK)目標價至105元 續看好三大互聯網醫藥企業
匯豐研究發表報告,指留意到內地收緊對互聯網平臺及教育板塊的監管。投資者憂慮由於醫療板塊牽涉重大國計民生,互聯網醫藥板塊將會遇到類似對待。該行認爲市場忽略了互聯網醫藥只是一個渠道,課後補習是一種產品,而在保健體制下,如線下醫院的醫療系統是一種產品而已經是公共擁有。此外,互聯網醫藥是一個解決方案,課後補習加劇了教育資源不均,加重家庭教育開支,惟互聯網醫藥的核心角色是令醫療服務更普及及更經濟實惠,透過有效健康管理節省成本。再者,醫療數據很零散,有數碼化需要,互聯網醫藥可協助政府推動醫療數據數碼化。更進一步,現時內地政府對互聯網醫藥仍抱支持態度,官員指互聯網醫藥在改善效率及醫療系統有其角色,亦持續支持線上社保結賬。

報告稱,平安好醫生(01833.HK)將於8月24日公佈上半年業績,料收入按年升35%至40%,受惠線上醫療服務增長,疫情後消費者保健復甦,以及來自保險及企業渠道的交叉銷售。投資者新關注平安好醫生透過擴大平安集團系統內夥伴協作推出新產品的成效,該行料其用戶大幅增加,但對整體收入影響好壞參半,因新產品潛在降價。該行料新業務投入將中期壓抑純利,擴大其2021至2023年虧損預測至分別15.06億、12.17億及9.44億元人民幣。

考慮以上因素,報告下調平安好醫生目標價由120.5元降至105元,維持「買入」評級。該行維持對行業建設性看法,維持予三大互聯網醫藥企業「買入」評級,予京東健康(06618.HK)目標價149元,予阿裏健康(00241.HK)目標價25元。考慮估值,該行偏好阿裏健康。

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