《大行報告》招銀國際微降平安好醫生(01833.HK)目標價至23.8元 評級「買入」
招銀國際發表報告指,平安好醫生(01833.HK)上半年收入22.22億元人民幣,按年跌21.5%,非公認會計準則經調整虧損收窄至2.49億元人民幣,主要因為公司執行「戰略2.0」,更加注重企業客戶,以及推出多項節省成本的措施。上半年大致完成業務調整,在爭取企業客戶方面亦取得進展,在疫情後業務復常、以及內地網上醫療服務滲透率提升下,相信增長趨勢可以持續。
報告指,公司上半年整體毛利率32.2%,較2021年下半年的19.4%提升,主要因為醫療服務毛利率增加,低協同效益業務銷售減少。上半年行政開支(撇除研發)按年減少27.1%,亦有助虧損收窄。
該行維持平安好醫生「買入」評級,目標價由23.89元輕微下調至23.8元,預期今年收入按年跌18%,明年及2025年分別增長14%及16.1%。今明兩年經調整虧損估計分別為5.83億元人民幣及2.67億元人民幣,2025年料扭虧為盈。
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