汇丰研究:平安好医生(1833.HK)与方正集团具有协同效应 维持目标价120.5港元和买入评级
汇丰研究发研报指,平安集团于4月30日披露关于参与方正集团重整进展的公告。据该公司介绍,此次投资将提升其在医疗健康领域的战略定位,增强医疗健康生态系统。汇丰认为,平安好医生(1833.HK)和方正集团之间的商业模式重叠和竞争空间有限,相反还具有协同效应:1,平安好医生可通过与方正集团的线下医院合作,拓展其在全国的线上业务;反之,平安好医生亦能将其优质资源导向方正集团的医疗机构,从而实现线上与线下的协同合作。2,通过此次投资,平安好医生可以接触到一些排名靠前的三甲医院最好的医生,从而增加平安好医生在平台上的医生资源,提高医疗服务水平。
汇丰还称,“新”法规不会影响平安好医生的轻资产模式。4月24日,国家卫健委(NHC)重申了“互联网医院必须有线下实体”的要求。一些投资者担心平安好医生在中国申请自营互联网医院牌照可能导致资本支出增加,但事实上,平安好医生已经考虑到了这一情况。在自营牌照下,平安好医生将寻求与一家线下医院合作,后者将赋予其申请互联网医院牌照和运营其在线分支的完全自主权,而公司将把高质量的病人流量和更复杂的病例引导到线下医院。简而言之,平安好医生在运营自有互联网医院的城市,不需要额外花费资本支出来建设线下业务。
汇丰表示,由于近期股价疲软,估值具有吸引力,维持平安好医生目标价120.5港元和买入评级。互联网医院的持续推进、在线医疗服务的用户增加以及通过推出更有针对性的产品与平安保险集团更积极的合作,都将成为平安好医生未来股价的关键催化剂。
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