大華繼顯:將平安好醫生(1833.HK)升至“買入” 目標價36港元
大華繼顯發研報指,平安好醫生(1833.HK)的醫療業務收入增長暫見放緩,預計去年整體收入僅按年輕微上升5%。集團預期,收入將於今年下半年恢復增長勢頭,並希望透過更新戰略以促進中長期增長。該行相信,目前股價已大幅反映政策風險,上調其評級至“買入”,但將目標價由42港元下調14.3%至36港元。
報吿指,鑑於平安好醫生持續的業務擴張和戰略更新、競爭加劇以及為吸引新客户而將標準產品降價,預計集團的整體毛利率將從27.2%下跌至去年的23.2%,但認為毛利率將於2021-23年穩步提高,這歸功於利潤率較高的在線問診服務持續擴張。大華繼顯將平安好醫生2021年的收入年增長預測由原來的7.4%下調至4.9%,以反映短期內較低之增長能見度。
報吿又提到,即將出台的《藥品網絡銷售監督管理辦法》和《互聯網診療監管細則》等政策仍使互聯網醫療公司的中短期盈利前景不明朗。該行相信公司符合最高的監管標準,新政策有助促進行業環境更為可靠和健康,有利公司業務擴張。鑑於平安好醫生股價在過去10個月大幅下跌,認為這些政策不確定性已很大程度反映。

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