《大行報告》瑞銀下調平安好醫生(01833.HK)目標價至23元 評級「中性」
瑞銀發表報告,下調平安好醫生(01833.HK)2022至2024年收入預測17%至19%,以反映更積極的戰略轉變和上半年疫情影響。至於純利預測基本不變,因為預期戰略轉變應能推動毛利率上升並節省營銷支出。
瑞銀指,對平安好醫生的企業客戶數量增加、變現能力和用戶參與度的提高感到鼓舞,但注意到業務擴張和收入增長之間的時間差,因為企業需時觀察綜合健康管理服務對員工和客戶的好處。
就明年市銷率估值而言,該股估值目前較醫療保健電子商務同行呈折讓,瑞銀認為是反映市場對其戰略轉變的擔憂。另瑞銀預計其下半年收入增長將保持低迷,維持「中性」評級,目標價由28元降至23元。
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