《大行報告》瑞信下調平安好醫生(01833.HK)目標價至78元 評級「跑贏大市」
瑞信發表的研究報告指,平安好醫生(01833.HK)上半年收入符預期,不過淨虧損高於預期,主要因為銷售及行政成本較高,料持續投入醫療服務建設將擴大虧損,惟短期痛苦可帶來長遠增長。該行認為上半年消費醫療業務有驚喜,線上醫療服務則仍然是主要收入引擎,認為針對線上處方藥銷售的監管對公司影響輕微,維持「跑贏大市」評級,目標價由104元降至78元,估計未來三年仍錄淨虧損。
上半年公司對線上醫療服務收入量度方式作出調整,但無列出收入細分,過往線上醫療服務僅計算線上收入,現時部分原先落在商城的收入亦撥入線上醫療服務收入中。線上醫療服務上半年實現穩健增長,達50.6%,而會員收入約為5億元人民幣(下同),貢獻分部收入約一半。
該行認為消費醫療方面有最大的按年增長,認為是由於推廣體檢服務、持續擴張企業渠道等,另外在牙科等亦有增加新產品,公司估計相關分部在未來將維持強勁增長。
而在政策層面,有別於其他線上藥房,公司受監管影響較細,並相信行業標準化長期對公司利好,因為政策鼓勵購藥前先就醫,而公司在醫療服務上較強。公司擁有近2,000名專業人士的醫療團隊,當中逾30%為醫生,相信可令公司於醫療健康企業中突圍。(el/k) ~
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