《大行報告》高盛首予平安好醫生(01833.HK)「買入」評級 目標價130元
高盛發表報告,首予平安好醫生(01833.HK)「買入」評級,予目標價130元,此按五年預測出脫市盈率方式作為基本情境估值方法,料公司至2023年將達到純利收支平衡,估計其至2025年營運毛利率可穩定在20%水平。
該行指,平安好醫生是內地最大的在線醫療服務提供商,提供大型的在線諮詢服務,指公司憑藉在線患者服務方面的優勢(其內部醫療團隊由1,836名醫生組成)和不斷獲得中國平安(02318.HK)的支持,相信可在行業競爭中脫穎而出。
高盛料至2030年,將看到平安好醫生於在線醫療諮詢中的市場份額,由2020年佔銷售額的27%,增長到42%(相比之下,2020年為33%,目前排名第二名市場份額為13%)。這是由於其領先的醫生響應時間以及與該行業頂級醫院/專家的聯繫服務所致。該行預測行業在2019年至2030年複合年增長率20%。
而該行料平安好醫生於2020年至2022年各錄虧損6.51億、6.67億及3.37億人民幣,料至2023年可達到收支平衡。
高盛稱,如果平安好醫生能夠在2025年之前將其整體在線諮詢市場份額提高至44%(該行對其基本情境預測為38%),相信藉服務組合變化,可推動了盈利能力,料對其每股估值可能會升至143港元。
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