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《大行報告》裏昂下調平安好醫生(01833.HK)目標價至18.5元 評級「跑輸大市」
阿思達克 03-21 12:44
裏昂發表研究報告指,平安好醫生(01833.HK)2021年業績符合預期,總收入按年增長6.8%,淨虧損擴大至15.38億元人民幣(下同),接近該行預期的虧損15.75億元,對營運狀況未見出乎預期的進展並不感驚訝,認爲目前爲過渡期,可見性較低,對短期內業務從轉型中復甦看法較審慎。 裏昂將2022至2023年淨虧損預測擴大至12.01億及7.55億元人民幣,認爲內地疫情、公司戰略2.0開支增加,以及收入指引下調的影響,將導致業務復甦時間延長,相應將目標價從26元下調至18.5元,維持「跑輸大市」評級。 該行表示,平安好醫生累計付費用戶從去年上半年的3,200萬人,增長近22%至2021年底的3,900萬人,增幅低於全年的69.6%,指出若新商業模式未見效用,2023年可能會浮現融資需求。
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