Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 9.00 [6][15][8]. Core Insights - The company's revenue for 2H24 was HKD 2.71 billion, a year-on-year increase of 10.7%, exceeding the consensus estimate of HKD 2.47 billion, primarily due to better-than-expected income from health and elderly care services [1]. - Non-IFRS net profit was HKD 0.07 billion, slightly below the consensus estimate of HKD 0.09 billion, attributed to forward-looking investments in elderly care, corporate health, and AI business [1]. - The report emphasizes the importance of synergies with the group and the progress of AI technology in enhancing business efficiency [1]. Revenue and Profitability - Medical services revenue increased by 6.7% to HKD 1.11 billion in 2H24, driven by enhanced collaboration with group medical insurance and the development of family doctor compensation models [2]. - The gross margin for medical services improved to 46.6%, up 9.6 percentage points year-on-year, due to structural changes within the business [2]. - Health services revenue decreased by 0.2% to HKD 1.37 billion, impacted by one-time factors and a high base from 2H23 [3]. - The gross margin for health services fell to 18.9%, down 9.7 percentage points year-on-year, due to the expansion of corporate health services with lower profitability [3]. Strategic Developments - The company achieved steady progress in expanding high-value strategic users, with F-end strategic business revenue growing by 9.6% to HKD 2.42 billion in 2H24 [4]. - B-end strategic business revenue surged by 32.7% to HKD 1.43 billion, with the number of serviced enterprises reaching 2,049 [4]. - The company is focusing on building "two major hubs and four networks" in its medical service network, with nearly 4,000 cooperating hospitals and 235,000 cooperating pharmacies as of 2H24 [3]. Earnings Forecast and Valuation - The non-IFRS net profit forecast for 2025 and 2026 has been raised by 23.3% and 22.1% to HKD 0.30 billion and HKD 0.39 billion, respectively, due to AI cost reduction and cautious expense management [5]. - The new target price based on DCF is HKD 9.00, up from HKD 7.50, corresponding to 3.3x and 3.0x the projected PS for 2025 and 2026 [15]. - The company is expected to achieve a revenue of HKD 5.38 billion in 2025, reflecting a 12% year-on-year growth [7].
平安好医生：收入好于预期，关注集团协同与AI赋能效果-20250314