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《大行報告》美銀證券降平安好醫生(01833.HK)評級至「中性」 目標價下調至39元
阿思達克 11-03 14:07
美銀證券發表研究報告指出,平安好醫生(01833.HK)在投資者日活動中提出戰略升級,包括目標透過企業及金融機構,向其員工及客戶提供醫療保健服務;引入家庭醫生會員模式,包括「1個家庭醫生+5個專科服務+1個健康檔案」,變現模式將轉向會員收取訂閱費及付費增值;透過與四大服務供應商網絡連接,以統一管理供應商系統,提供線上+線下無縫醫療服務。 該行認為,平安好醫生的戰略升級可強化其競爭優勢,在受到付費會員擴張加速的推動下,相信公司2022財年下半年收入可按年反彈26%,另預期在獲得個人用戶方面及擴張互聯網醫院的開支減少,估計公司淨虧損收窄,加快實現收支平衡。 不過,該行認為平安好醫生的業務變化將為近期的增長帶來壓力,預計每個會員的平均收入短期內下跌,料將在正常化基礎和增值服務交叉銷售下逐步恢復,因此將其評級由「買入」降至「中性」,公司2021及2022財年收入增長預測分別下調至75億及83億元人民幣,意味著按年分別增長9%及11%,目標價由77元削至39元。
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