[Table_Page] 跟踪研究|软件与服务 证券研究报告 [Table_Title] 【广发医药&海外】平安好医生（01833.HK） 前瞻：预计收入稳健增长，利润率继续提升 [Table_Summary] 核心观点： | [Table_Invest] 公司评级 | 买入 | | --- | --- | | 当前价格 | 13.34 港元 | | 合理价值 | 19.65 港元 | | 前次评级 | 买入 | | 报告日期 | 2026-02-25 | [Table_PicQuote] 相对市场表现 -10% 46% 103% 159% 216% 272% 02/25 04/25 06/25 08/25 10/25 12/25 02/26 平安好医生 恒生指数 | [分析师： Table_Author]杨琳琳 | | | --- | --- | | | SAC 执证号：S0260514050004 | | SFC CE No. BNC117 | | | 0755-23480370 | | | yll@gf.com.cn | | | 分析师： | 罗佳荣 | | | SAC 执证号：S02605160900 ...

平安健康医疗科技有限公司是一家通过移动平台和线下资源从事提供医疗及健康服务的公司。该公司通 过两个分部开展其业务。医疗服务分部主要从事在线咨询、转诊及预约挂号、住院安排、疾病诊疗及相 关药品、医疗器械销售。健康服务分部提供多种整合医疗健康机构服务的标准化健康服务包，以满足用 户健康相关需要，覆盖体检、养老、齿科、抗衰、泛健康等多品类及服务形态。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，2月23日南向资金增持69.2万股平安好医生（01833.HK）。近5个交易日中，获南向资金 增持的有4天，累计净增持674.9万股。近20个交易日中，获南向资金增持的有12天，累计净增持505.2万 股。截至目前，南向资金持有平安好医生（01833.HK）4.85亿股，占公司已发行普通股的22.45%。 ...

Group 1 - The mainland internet healthcare sector is entering a new phase driven by tech giants accelerating AI innovation and government policy support, such as the online initial diagnosis pilot program launched in Beijing [1] - Despite challenges in profitability, leading companies are leveraging AI ecosystems and innovative strategies for long-term sustainable growth [1] Group 2 - The company maintains a "Buy" rating for Alibaba Health (00241) with a target price of HKD 7.8, expecting a compound annual growth rate (CAGR) of 13% in revenue and 24% in adjusted net profit from FY2026 to FY2028, driven by growth in innovative drugs and healthcare products, deepening synergy with Alibaba Group (09988), and increasing AI application [1] - The company also favors Ping An Good Doctor (01833) with a "Buy" rating and a target price of HKD 20, anticipating a CAGR of 16% in revenue and 56% in adjusted net profit from FY2025 to FY2027, supported by deepening synergy with Ping An Insurance (02318) and ongoing AI empowerment [1] Group 3 - The company maintains an "Overweight" rating for the mainland healthcare sector, preferring leading innovative pharmaceutical companies and contract research, development, and manufacturing organizations (CRDMOs) [2] - The company is optimistic about internet healthcare firms that effectively utilize real-world data to optimize AI algorithms and enhance service quality [2] - Preferred stocks include BeiGene (06160), Innovent Biologics (01801), Hansoh Pharmaceutical (03692), China Biologic Products (01177), Hutchison China MediTech (00013), WuXi Biologics (02269), WuXi AppTec (02359), and Alibaba Health [2]

Group 1 - The mainland internet healthcare sector is entering a new phase driven by tech giants accelerating AI innovation and government policy support, such as the online initial diagnosis pilot program launched in Beijing [1] - Despite challenges in profitability, leading companies are leveraging AI ecosystems and innovative strategies for long-term sustainable growth [1] - Alibaba Health (00241) is favored with a "Buy" rating and a target price of HKD 7.8, with expected revenue and adjusted net profit CAGR of 13% and 24% from FY2026 to FY2028, driven by innovative drugs, healthcare product growth, and deepening synergies with Alibaba [1] Group 2 - Ping An Good Doctor (01833) is also favored with a "Buy" rating and a target price of HKD 20, with expected revenue and adjusted net profit CAGR of 16% and 56% from FY2025 to FY2027, supported by synergies with Ping An (02318) and ongoing AI empowerment [1] - The firm maintains an "Overweight" rating on the mainland healthcare sector, preferring leading innovative pharmaceutical companies and contract research, development, and manufacturing organizations (CRDMOs) [2] - Companies that effectively utilize real-world data to optimize AI algorithms and enhance service quality in internet healthcare are also favored, with preferred stocks including BeiGene (06160), Innovent Biologics (01801), Hansoh Pharmaceutical (03692), China Biologic Products (01177), Hutchison China MediTech (00013), WuXi Biologics (02269), WuXi AppTec (02359), and Alibaba Health [2]

证券之星消息，2月13日南向资金增持11.21万股平安好医生（01833.HK）。近5个交易日中，获南向资 金增持的有5天，累计净增持862.63万股。近20个交易日中，获南向资金增持的有12天，累计净增持 332.76万股。截至目前，南向资金持有平安好医生（01833.HK）4.85亿股，占公司已发行普通股的 22.42%。 平安健康医疗科技有限公司是一家通过移动平台和线下资源从事提供医疗及健康服务的公司。该公司通 过两个分部开展其业务。医疗服务分部主要从事在线咨询、转诊及预约挂号、住院安排、疾病诊疗及相 关药品、医疗器械销售。健康服务分部提供多种整合医疗健康机构服务的标准化健康服务包，以满足用 户健康相关需要，覆盖体检、养老、齿科、抗衰、泛健康等多品类及服务形态。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - Southbound funds have significantly increased their holdings in Ping An Good Doctor (01833.HK), indicating growing investor confidence in the company [1] Group 1: Southbound Fund Activity - On February 12, southbound funds increased their holdings by 3.9798 million shares of Ping An Good Doctor [1] - Over the past five trading days, there have been five days of net increases, totaling 9.0687 million shares [1] - In the last 20 trading days, there were 11 days of net increases, amounting to 2.2241 million shares [1] - Currently, southbound funds hold 485 million shares of Ping An Good Doctor, representing 22.42% of the company's total issued ordinary shares [1] Group 2: Company Overview - Ping An Good Doctor is engaged in providing medical and health services through mobile platforms and offline resources [1] - The company operates through two segments: the medical services segment, which includes online consultations, referrals, appointment scheduling, hospitalization arrangements, disease diagnosis, and related sales of pharmaceuticals and medical devices [1] - The health services segment offers standardized health service packages that integrate various medical health institution services to meet users' health-related needs, covering categories such as physical examinations, elderly care, dental services, anti-aging, and general health [1]

平安好医生2025年10月6日收报17.86港元，近4个月累计跌幅22.396%，市值累计蒸发86.456亿港元。 平安好医生2025年10月7日发布董事会主席、执行董事、首席执行官变更的公告。李斗由于个人工作安 排原因，提出辞任董事会主席、执行董事、公司首席执行官("首席执行官")，自二零二五年十月七日起 生效。李斗辞任执行董事后，不再担任董事会可持续发展委员会成员，亦不再担任根据香港联合交易所 有限公司("香港联交所")证券上市规则("上市规则")第3.05条项下之公司授权代表("授权代表")。 董事会宣布，公司现任非执行董事郭晓涛获委任为董事会主席，自二零二五年十月七日起生效。于二零 二五年十月七日，何明科获委任为首席执行官、执行董事、董事会可持续发展委员会成员及授权代表。 中国经济网北京2月12日讯平安好医生(01833.HK)港股今日收报13.86港元，跌幅2.463%。 ...

Group 1 - The core viewpoint of the article highlights that southbound funds have increased their holdings in Ping An Good Doctor (01833.HK) by 1.59 million shares on February 10, with a total net increase of 5.49 million shares over the last five trading days [1] - Over the past 20 trading days, southbound funds have increased their holdings on 11 occasions, resulting in a cumulative net increase of 3.91 million shares [1] - As of now, southbound funds hold 479 million shares of Ping An Good Doctor, accounting for 22.14% of the company's total issued ordinary shares [1] Group 2 - Ping An Health Medical Technology Co., Ltd. operates through mobile platforms and offline resources to provide medical and health services [1] - The company conducts its business through two segments: the medical services segment, which focuses on online consultations, referrals, appointment scheduling, hospitalization arrangements, disease diagnosis, and related sales of pharmaceuticals and medical devices [1] - The health services segment offers a variety of standardized health service packages that integrate medical health institution services to meet users' health-related needs, covering categories such as physical examinations, elderly care, dental services, anti-aging, and general health [1]

Core Insights - Ping An Health Insurance is committed to the "Healthy China" strategy, aiming to integrate health insurance with medical and health services, transitioning towards a professional medical health management company [2][3] - The company has launched the "Healthy Kitchen" standard to address unhealthy dietary habits, providing guidelines for nutrition, safety, processing, and cooking [2] - The "Forever Together" health membership card offers comprehensive health benefits, promoting a positive cycle of health rewards for members [2][3] Group 1 - The collaboration with Peking University Health Science Center aims to promote health management starting from family kitchens [2] - The launch of over 80 safe and traceable health food products in the "Healthy Kitchen" online store is part of the initiative to enhance health management at home [2] - The membership card includes nine benefits, such as dietary guidance, discounts on health products, and medical service perks, encouraging healthier lifestyles [2] Group 2 - The "Ping An Happy Health" insurance service system was upgraded last October, focusing on active living, quality medical care, digital healing, and long-term protection [3] - The membership card extends health management to preventive and ongoing care, helping clients convert healthy behaviors into "health assets" [3] - The company aims to deepen the integration of medical and insurance services, contributing to the construction of a healthy China and enhancing the well-being of the population [3]

Core Insights - Ping An Good Doctor has launched the "Spring Festival Never Closes · Ping An Supports Health" service guarantee action, utilizing its nationwide service network to provide three categories of services and nine initiatives [1] Group 1: Service Offerings - The company will maintain a 24-hour online service through its family doctor team, ensuring rapid response within 30 seconds for minor health issues, including home delivery of medications and precise medical guidance [1] - For complex health issues, the platform offers video consultation services with expert doctors, allowing users to connect within three hours for efficient access to quality medical resources [1] - Health screening services will continue to operate during the Spring Festival at health centers located in 11 cities, with professional imaging doctors available for interpretation [1] Group 2: Pricing and Supply Assurance - To ensure stable supply and pricing of medications during the holiday, Ping An Good Doctor has introduced a "Price Guarantee" policy, where all medications will not increase in price, and users can receive refunds for price differences within seven days of purchase [1]