平安好医生(01833)尾盘急升9.35% 大摩指公司的交易逻辑转向以高复购、高粘性为核心的长期经营逻辑

Core Viewpoint - Ping An Good Doctor (01833) has shown a significant structural change in its financial performance, indicating a shift from a "scale-driven" to a "structure-driven" business model, with revenue growth and improved profitability [1][2] Financial Performance - The company has maintained steady revenue growth, with profitability showing signs of a turning point [1][2] - Cost curves and gross profit structures are improving simultaneously, reflecting a positive trend in operational efficiency [1][2] External Environment - Policy advancements are promoting online diagnosis, health management, chronic disease intervention, and collaboration between commercial insurance and medical insurance systems, providing a clearer long-term space for service-oriented internet medical platforms [1][2] - The gradual relaxation of policies regarding internet diagnosis, online follow-ups, and prescription outflow is expected to enhance market opportunities [1][2] - The expansion of commercial insurance directories and health insurance management is creating a broader payment landscape, increasing the supply-side opportunities for services [1][2] - Regulatory attitudes towards AI in healthcare are shifting from cautious exploration to compliance and implementation, indicating a more favorable environment for innovation [1][2] Business Model Transition - Ping An Good Doctor is transitioning from a transactional logic to a long-term operational logic focused on high repurchase rates, high customer stickiness, and high service value [1][2] - The maturation of this business model is expected to provide a new perspective for valuation in the capital markets [1][2]