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高盛:依託於平安集團龐大生態系統 予平安好醫生(1388.HK)目標價31港元

格隆匯5月25日丨高盛發研報指,平安好醫生留意到疫情復燃下仍有積極跡象,在其2C業務的在線流量方面,公司在4月份的這一輪疫情復甦的在線流量同比增長了20%;此外,管理層認為,在平安生態系統中,疫情復燃對企業客户的現有合作和對個人投保人的滲透影響較小。該行指,公司自2021年底以來一直積極致力於“戰略2.0”深化,逐步發展“HMO +家庭醫生+ O2O”模式,將企業客户視為優先對象,其次是保險/金融客户;公司專注於B2B2C運行狀況管理服務,平安好醫生預計他們新的面向2B的健康管理產品和服務將在2022年下半年推出,一旦產品設計成熟,投資者將開始看到ARPU的提高(中期目標是2-3倍)。管理層認為公司已經為即將到來的監管變革做好了充分準備。公司表示,他們已於2022年4月底完成了最新一輪的股票回購。

高盛認為,公司優勢在於母公司平安集團的龐大生態系統。隨着公司的收入模式轉變成會員費和額外的增值服務收入,預計今後市場焦點將在:(1)公司賬户和相關用户羣的增長; (2) 公司和個人用户的ARPU和會員費利潤率(3)附加增值服務的使用率和ARPU,客户對附加服務的支付意願; (4) 盈利扭虧為盈的速度,以及公司能否在2022年實現增量進展。 高盛假設動態清零政策將持續到2022年底,平安好醫生在2022年下半年的收入同比增長10%,維持公司"中性"的評級與目標價31港元

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