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《大行報告》瑞信下調平安好醫生(01833.HK)目標價至18.1元 評級「中性」
阿思達克 03-17 09:43
瑞信維持平安好醫生(01833.HK)「中性」評級,目標價由24.2元下調至18.1元,因應公司執行戰略2.0,導致近期收益面臨壓力,惟該行相信此舉會對長期利潤率有所改善,並將公司在2022年至2023年的每股盈利預測上調3.3%及9.5%,以反映公司改變其收入模式。 該行維持對公司在2022年毛利率持有保守看法,不認為隨著公司轉型,毛利率會大幅增加。公司在2021年下半年的銷售費用較上半年下降40%,說明部分成本控制措施已啟動,預計公司在2022年銷售及管理成本比率將會進一步降低,有助收窄在2022年淨虧損,並預測其淨虧損約為13.1億人民幣。 由於公司繼續減少投資電子商務,並專注會員計劃和建立付費用戶,2022年會繼續是轉型的一年。由於健康商城銷售下跌,健康業務繼續受到影響,料收入下跌約2%;而醫療業務會有兩位數字的增長。從集團層面而言,該行預計公司在2022年銷售額按年增約5%。(ca/u) ~
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