解码平安健康（1833.HK）Q1：当医疗齿轮咬合保险传动轴，25.8%转速如何达成？

Core Viewpoint - In an increasingly uncertain market environment, companies that can consistently deliver performance certainty are becoming more valuable. Ping An Health has demonstrated strong quarterly results following a historic turnaround to profitability, with significant revenue growth and improved profit margins. Financial Performance - For Q1 2025, Ping An Health reported revenue of 1.06 billion RMB, a year-on-year increase of 25.8%. The adjusted net profit reached 57.9 million RMB, indicating a net profit margin of approximately 5.5% [5][8][19] - The capital market has responded positively, with southbound funds increasing their holdings in the company, raising the proportion from 14.83% three months ago to 17.25% as of April 27, 2025 [5][19] Strategic Developments - The company is enhancing its collaboration with Ping An Group, focusing on "medical claims collaboration" and "insurance + medical care membership" to improve product competitiveness [6][11] - Ping An Health's B-end business has seen a significant increase, with over 2,100 corporate clients served and a year-on-year growth of over 45% in paid users [6][11] Market Trends - The healthcare industry in China has surpassed 9 trillion RMB, with a growth rate exceeding 10%. The silver economy market is projected to expand from 7 trillion RMB to 30 trillion RMB by 2035 [9][10] - Policy support for the integration of "medical + insurance" is strengthening, with initiatives aimed at enhancing the commercial health insurance sector [10][19] Technological Advancements - Ping An Health is leveraging AI technology in healthcare, with significant improvements in service efficiency and diagnostic accuracy. The AI-assisted diagnostic system covers over 2,000 diseases with a diagnostic accuracy exceeding 95% [12][13] - The introduction of the "Ping An AI Assistant" service aims to provide comprehensive online and offline medical support, enhancing customer engagement and service delivery [13] Valuation Insights - The company's operational improvements and value creation are leading to a reassessment of its intrinsic value, with a notable increase in its valuation elasticity compared to peers [14][15] - Analysts have set an average target price of 9.57 HKD, indicating a potential upside of 34.6% from the recent closing price of 7.11 HKD [17][18]