《大行報告》匯豐研究下調平安好醫生(01833.HK)目標價至18.5元 評級「持有」
匯豐研究發表研報指,平安好醫生(01833.HK)用戶增長勢頭良好,但ARPU仍然低迷,自開展業務重組以來收入連續兩年錄得下跌。
管理層表明業務重組已接近完成,該行相信,今年下半年相關影響將完全消散,但考慮到基數效應,繼續預期下半年收入將錄得按年下跌。管理層同時預計未來公司增長動力將由商業客戶及平安集團金融科技相關客戶的滲透率與ARPU上升所推動,惟匯豐研究關注該領域激烈競爭。
計及上半年業績表現較預期弱及更保守的ARPU預測後,該行將平安好醫生2023至2025年收入預測下調20%、18%及15%,今年全年淨利潤率預測上調1.3個百分點,維持2024及2025年淨利潤率預測基本不變,目標價從20元下調至18.5元,維持「持有」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.