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《大行報告》匯豐研究降平安好醫生(01833.HK)評級至「持有」 下調目標價至40元
阿思達克 11-02 10:08
匯豐研究發表報告,指平安好醫生(01833.HK)上星期提出的新戰略,隨着管理層提供更多資料,股價在過去兩交易日累跌23.6%,大幅跑輸同期恆指跌1.6%。報告稱,雖然開拓了收入新渠道,但社保和其他業務收入貢獻減少,料對盈利有負面影響;新產品的每用戶平均收入急跌,短期收入增長潛在下行,引起市場憂慮,料需要時間透過新銷售渠道和商業模式展現業務增長能力,以重建市場信心。該行將平安好醫生目標價由105元大幅下調至40元,評級由「買入」下調「持有」。 匯豐研究估計,到2030年,平安好醫生在母公司網絡的滲透率能達到29%至31%,來自金融和企業渠道的收入能達到135億至139億元人民幣(下同),該行原先估計360健康管理服務和家庭醫生能夠在2028年貢獻收入320億元。另外,毛利率也會因應產品價目減少和批發業務整合而下跌。 匯豐預料,平安好醫生來自企業渠道的身體檢查服務收入會增加,不過在盈利預測中剔除預計至2028年來自社保的收入136億元,因公司將戰略焦點移離社保,並等待來自這渠道更具體收入的細節。該行指,雖然平安好醫生來自母公司的收入貢獻額會上升,但貢獻比率會持續下跌。
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