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中信建投:深挖眾安在線醫療科技,估值邏輯持續向科技板塊切換,升目標至51.76港元,維持買入評級
格隆匯 07-20 15:51

7月20日,中信建投發表研報稱,上半年眾安健康生態維持強勁增長,眾安加速進入醫療科技藍海市場,行業所積累的數據與商業保險形成生態互動,醫療和保險的結合將成為另一個收入快速增長點,另外近期伴隨眾安所對標的美股保險科技股Lemonade上市,市場對其估值邏輯持續向科技板塊切換,從而升目標至51.76港元,維持買入評級。

眾安在線(06060.HK)2020年1-6月取得總保費收入合計67.63億元,相較去年同期增長14.6%。其中健康生態始終增長強勁,核心產品百萬醫療險正處於用户需求不斷擴增的藍海市場,公司抓住用户意識提升階段的增量紅利,不斷進行市場教育與推廣。

此外,眾安已經獲得互聯網醫院牌照,加速佈局健康管理生態,內部孵化“暖哇科技”已完成億元A輪融資,本身作為數據平台已連接1100多家醫院、以及多家數據中心,為眾安貢獻智能風控、智能理賠的模型,便於提供在線問診、送藥上門等服務,作為健康保險產品的延伸,下一步主動佈局健康管理,為客户提供“健康保障+醫療”的閉環服務,從低頻的保險產品切入高頻的醫療服務以持續增強用户粘性。眾安健康生態去年一年付費用户約為1700萬,其中1000多萬是百萬醫療的客户,是互聯網醫院首先觸達轉化的客羣,用户體量變現潛力較大。

2019年互聯網醫療領域利好政策頻出,受新冠肺炎疫情暴發以及政府將網絡醫療服務納入公共保險覆蓋等因素的推動,中國互聯網醫療諮詢即將進入高速增長期,根據易觀數據預測,2020年中國移動醫療市場規模將達到2000億,增速達46.7%。眾安加速進入這一藍海市場,行業所積累的數據與商業保險形成生態互動,醫療和保險的結合將成為另一個收入快速增長點。

公司近期發佈盈利預告,截至2020年6月30日,公司未經審核歸母淨利潤,較2019年同期增長不低於100%,從而預計公司至少上半年實現淨利潤為2億元,主要來自於公司在保費穩健增長的同時,綜合成本率將得到進一步控制,遵循有質量的增長,同時預計公司將在今年實現承保盈虧平衡。

近期美股保險科技公司Lemonade上市,其在業務模式上與眾安在線具有相似性與可比性,但具體來看業務發展水平,Lemonade仍然處於模式探索的早期,而眾安在業務佈局以及發展程度來看處於更加成熟的階段,從而讓眾安的估值邏輯從純科技進行切換。

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