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《大行报告》汇丰研究下调阿里健康(00241.HK)、京东健康(06618.HK)及平安好医生(01833.HK)目标价
汇丰研究发表在线医疗健康平台报告,指京东健康(06618.HK)有望实现2021年下半年的指导目标,将2021财年的收入增长预测从44%略微提高到45%。强劲的供应链能力和坚实的用户质量使阿里健康在竞争中脱颖而出,虽然2021年下半年的投资投入较高,仍将2021财年/2022财年的净利率增长预测分别从2%/1.5%提高到2.5%/1.6%,以反映经营杠杆的改善。 报告指,平安好医生(01833.HK)仍处於转型期,将2021财年的收入增长预测从10%下调至5%,主要反映了医疗服务业务表现疲软。该行将2021年下半年的毛利率降低8个百分点至19%,以反映医疗服务的每用户平均收入(ARPU)降低和收入组合的影响。同时将收支平衡的时间表从之前的2025年推迟到2026年。 该行对在线医疗健康平台的长期增长保持建设性态度,但鉴於短期内面临的挑战和不确定性,降低目标价,并重申京东健康是行业首选,因其收入来源更加多样化和具强劲的供应链能力,维持「买入」评级,惟目标价由137元降至85元。而平安好医生的目标价由40元降至29.5元,并维持「持有」评级。阿里健康(00241.HK)目标价亦由16.5元降至8.7元,维持「买入」评级。
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