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《大行》匯豐升醫脈通(02192.HK)目標價至14元 業務執行保持正軌
阿思達克 08-27 12:37
匯豐環球研究報告指出,醫脈通(02192.HK)上半年業務進展順利,其醫療產品覆蓋數量按年增長約32%,有望達成全年30%的按年增長目標。匯豐對其收入預測基本保持不變,預計2025財年按年增長29%。又因公司上半年利潤率意外上升,因此,匯豐上調其利潤率假設,並將2025至2027年的調整後淨利潤預測上調6%至21%。 考慮到該行最新資本成本(CoE)和匯率預估,以及新股數量和更新的財務假設,匯豐將基於DCF的目標價從13.5港元上調至14港元,隱含約3%的下行空間,維持「持有」評級,認爲目前2025年預估市盈率29倍的估值合理。 匯豐認爲,人工智能工具使醫脈通能夠更好地瞭解醫師用戶行爲,從而提高目標效率;促進醫療知識內容製作;提供分析以更好地展示其精準營銷產品的表現。匯豐認爲,憑藉新產品創新,醫脈通可進一步提升使用率和用戶黏性,長期有利於其數字營銷業務。
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