海通證券首予平安好醫生(01833.HK)「優於大市」評級 指疫情啟行業新趨勢
海通證券發表報告表示,首予平安好醫生(01833.HK)「優於大市」評級,指公司成立五年成為全球領先移動醫療公司,憑借母公司平安集團的客戶引流,自聘醫生及AI輔助帶來的良好用戶體驗實現了用戶數量迅猛增長,打造平安好醫生流量護城河,公司截至去年年底平均月活躍用戶數達到6,690萬人(按年增長22.3%),月付費用戶數達到300萬人(按年增長26%)。
該行指,新冠疫情造成醫療資源趨於緊張,隔離等因素造成常規疾病線下問診大幅減少。疫情加大線下就醫難度,推動線上醫療高速增長,有望形成長期粘性。政策紅利有望推動線上購藥發展,互聯網醫療變現有望加速。平安好醫生(村醫版),助力城市優質醫療資源放大,服務基層。
海通證券預計平安好醫生於2020年至2022年營業收入分別為68.2億、92.1億及124.7億人民幣,分別按年增長35%、35%和35%,對應每股銷售收入6.39、8.63及11.69元人民幣;公司於2020年至2022年歸母淨利潤分別為負6.4億、負2.7億和正1.8億人民幣,分別按年增長13%、58%和166%。該行給予平安好醫生於2020年市銷率16.5至17.5倍,對應每股115.9至122.9港元。
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