中信建投：平安好醫生(1833.HK)聚焦醫療服務發展，維持買入評級，予目標價39港元
中信建投發研報指，平安好醫生(1833.HK)處於戰略轉型階段，維持“買入”評級，予目標價39港元。全國政協委員、戰略支援部隊特色醫學中心主任顧建文在3月4日兩會中提出構建共享健康醫療大數據平台、推進多點執業以及調動互聯網醫療線上醫生的活躍度等舉措來推動互聯網醫療長遠發展。另外，2019年，國家醫保局發佈《關於促進“互聯網+醫療健康”發展的意見》，互聯網醫療行業加速發展。
平安好醫生聚焦高質量在線醫療服務，近期安排四十餘名全職醫生前往北大國際醫院進行線下輪訓進修，學習最新臨牀診療方案、臨牀用藥、疾病表現等，醫生將所學運用到互聯網診療服務當中，為用户提供更加專業的醫療健康服務。而公司深入戰略2.0部署，聚焦行業高質量發展，對C端服務、B2C突破、家庭醫生會員制度、O2O等進行深入佈局，業務重點更聚焦於醫療服務，短期內在線商城等業務版塊業績將承受一定壓力，但中期來看公司的用户、平台及財務狀況均有較好成長性。公司發展中期目標為付費用户人數達到5000-6000萬，單客價值提升2-3倍，同時客户保存率可以進一步提升：公司也將加強俞醫療機構、健康管理機構合作，使醫療服務收入佔比達到50%以上，實現整體盈利。
由於行業監管趨嚴以及公司戰略升級與業務聚焦，該行預計2021-2023年公司的在線醫療板塊增速分別為53.3%、19.8%、33.4%，將驅動公司整體業務增長；消費型醫療有望實現18%、10%、18%增速，健康商城業務的增速分別為-19.4%、10.2%、25%，健康管理與互動維持現有業務規模；預計營業總收入分別為72.29億元、81.73億元、102億元，同比增長5.3%、13.1%、25.8%；未來3年內，公司進行戰略升級，聚焦醫療服務發展，通過三年戰略性投入，公司進一步鞏固優勢，營業收入以及公司經營效率有望持續提升，預計2024-2025年實現扭虧為盈。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
