【券商聚焦】开盘证券首予健康160（2656.HK）“买入”评级，目标价90.54港元

Core Viewpoint - The report highlights that Health 160 (2656.HK), a leading digital healthcare platform in China, is approaching a profitability inflection point, driven by its unique resource endowment and value reassessment, with a "Buy" rating and a target price of HKD 90.54 [1] Group 1: Company Overview - Health 160 is recognized as a top digital healthcare service platform in China, with over 18 years of industry experience, leading in key resource metrics such as appointment volume and the number of partnered medical institutions and healthcare professionals [1] - The company has established strong "resource + user" dual barriers, positioning itself favorably in the market [1] Group 2: Financial Performance - The company has shown clear signs of a performance inflection point, with revenue returning to a growth trajectory and adjusted net losses significantly narrowing, indicating a path towards profitability [1] - Revenue projections for 2025-2027 are estimated at CNY 674 million, CNY 775 million, and CNY 930 million, with growth rates of 8%, 15%, and 20% respectively [2] - Net profit forecasts for the same period are CNY 12 million, CNY 36 million, and CNY 90 million, reflecting a gradual improvement in financial health [2] Group 3: Business Model and Growth Drivers - The business operates on a dual-driven model consisting of "pharmaceutical product distribution" and "digital health services," supported by a localized network covering over 260 cities [1] - The company is benefiting from the high growth potential of the digital healthcare industry, with a unique platform value and a clear path to profitability, suggesting a critical value reassessment from "loss reduction" to "profitability" [1]