星展:看高平安好醫生(1833.HK)至157港元,存在約30%潛在上升空間
星展發佈首次覆蓋平安好醫生(1833.HK)的研究報告,首予“買入”評級,並給予目標價157港元。
報告指出,看好平安好醫生(1833.HK),原因如下:1)每月付費用户以兩位數的年增長率增長。因進一步滲透母公司平安保險的客户和其他客户;2)增加醫療服務和產品供應;3)規模經濟,將銷售和管理成本與銷售額的比率從2019年的45%降至2022年的29%。
進一步滲透母公司平安保險的客户羣
星展表示,截至2019年12月,平安好醫生的月付費用户總數為300萬,僅佔母公司客户的1.5%,這意味着有巨大的增長空間。平安好醫生有很多渠道可以進一步滲透,例如,直接為平安人壽保險和平安健康保險的投保人提供在線醫療服務。2019年大約40%的收入來自其母公司的客户。
得益於優惠政策,平安好醫生可加速向非平安客户的滲透
星展估計2019年平安好醫生60%的銷售額來自非平安保險客户,並預測到2022年會增加到70%。2019年8月,國家醫保局衞健委首次發佈《公共醫療保險網絡醫療服務報銷通則》。2020年3月,出台了更多關於網上醫療報銷、慢性病、常見病藥品報銷等報銷政策的細節。展望未來,星展相信,互聯網醫院的發展將繼續得到優惠政策的支持,為農村地區的患者提供及時的醫療服務,減輕城市醫院的患者負擔。這將有助於平安好醫生獲得更多的非平安客户。
得益於人工智能(AI)的醫療系統,差異化的醫療服務
星展還稱,與傳統醫療服務提供商相比,平安好醫生醫療服務的獨特性在於其人工智能醫療輔助系統。此係統被其內部醫療團隊的所有22個部門使用,覆蓋3000種疾病。通過平台上積累的海量的6.7億人次患者會診記錄,系統的疾病診斷和治療選擇料會越來越準確。隨着系統中病歷的積累,診斷和治療也會越來越先進。
綜上所述,星展給予平安好醫生 “買入”評級,目標價157港元,較上一交易日(7月7日)的收盤價121.2港元有29.5%的潛在上升空間。
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