《大行報告》匯豐研究下調阿里健康(00241.HK)、京東健康(06618.HK)及平安好醫生(01833.HK)目標價
匯豐研究發表在線醫療健康平台報告,指京東健康(06618.HK)有望實現2021年下半年的指導目標,將2021財年的收入增長預測從44%略微提高到45%。強勁的供應鏈能力和堅實的用戶質量使阿里健康在競爭中脫穎而出,雖然2021年下半年的投資投入較高,仍將2021財年/2022財年的淨利率增長預測分別從2%/1.5%提高到2.5%/1.6%,以反映經營槓桿的改善。
報告指,平安好醫生(01833.HK)仍處於轉型期,將2021財年的收入增長預測從10%下調至5%,主要反映了醫療服務業務表現疲軟。該行將2021年下半年的毛利率降低8個百分點至19%,以反映醫療服務的每用戶平均收入(ARPU)降低和收入組合的影響。同時將收支平衡的時間表從之前的2025年推遲到2026年。
該行對在線醫療健康平台的長期增長保持建設性態度,但鑒於短期內面臨的挑戰和不確定性,降低目標價,並重申京東健康是行業首選,因其收入來源更加多樣化和具強勁的供應鏈能力,維持「買入」評級,惟目標價由137元降至85元。而平安好醫生的目標價由40元降至29.5元,並維持「持有」評級。阿里健康(00241.HK)目標價亦由16.5元降至8.7元,維持「買入」評級。
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