Core Viewpoint - Dahua Jixian has initiated coverage on Yimaitong (02192) with a "Buy" rating and a target price of HKD 13.5, corresponding to a projected P/E ratio of approximately 24.1 times for 2026 [1] Company Overview - Yimaitong is recognized as a leading physician platform in China, covering 88% of practicing physicians nationwide [1] - The company operates in a B2B niche market centered around physicians, which complements consumer-focused peers in the industry [1] Financial Projections - The company is expected to maintain a light asset and high-profit margin model, supporting an average annual compound growth rate of 17% in revenue and 15% in adjusted net profit from 2025 to 2027 [1] - Yimaitong's net cash position and high-profit margin outlook are viewed positively, with a potential dividend payout ratio estimated between 50% to 60% [1]
大华继显：首予医脉通“买入”评级 目标价13.5港元