【美銀:平安好醫生(1833.HK)營收超預估 目標價上調至95港元 維持“買入”評級】
格隆匯8月31日| 美銀證券發表研究報吿,平安好醫生(1833.HK)上半年總營收為38億元(人民幣,下同),同比增長39%,高於彭博36億元和該行37億元(同比增長36%)的預估。由於營收超預期,該行將其目標價由61.75港元上調至95港元(對應7.7倍2022財年市銷率),維持“買入”評級。
具體來看:(1)醫療服務:收入同比增長51%,接近預期,主要受會員服務、處方藥銷售和藥房網絡藥品分銷的推動;(2)消費醫療:營收同比增長66%,高於預期59%,主要是受企業客户銷售體檢服務套餐的推動。(3)在線商城:營收同比增長28%,高於該行預期的25%;(4)健康管理和健康互動:營收同比增長11%,高於該行預期的8%,主要受不斷豐富的健康管理課程所承接的高價值客户的貢獻。
報吿稱,公司短期聚焦線上知名醫院、專科中心、O2O專科套餐,長期聚焦線下醫院線上平台運營、分級診療服務、社保繳費。報吿還提到了公司的醫療服務水平和渠道拓展的進程,其中醫療團隊方面穩步發展,目前已擴展至38000名外聘醫生、450個名醫工作室、3000家網絡醫院、163000家合作藥房;而渠道方面情況如下:(1)綜合金融渠道:為平安壽險增加的臻享RUN服務,讓重疾保單持有人有權享受增值醫療服務,其中包括私家醫生、私人教練、就醫陪診、術後管理,重疾管理等;與平安健康險合作推出E生寶門診包,與平安產險合作推出藥診卡服務,而升級版的“健康衞士360 ”將重點從保險渠道擴展到平安集團的綜合金融渠道,以擴大目標客户羣;(2)企業渠道:為不同行業的客户定製產品。服務近百萬員工,;(3)互聯網醫院:目前在10個城市獲得自建互聯網醫院資質,並已與205家醫院達成合作共建互聯網醫院平台的協議,共計100家互聯網醫院完成上線。
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