Investment Rating - The report maintains a "Buy" rating for Ping An Good Doctor (01833.HK) with a current price of HKD 7.71 and a fair value of HKD 9.42 [3]. Core Views - The company has shown continuous improvement in operations, achieving a revenue of RMB 4.808 billion in 2024, a year-on-year increase of 2.9%, and has turned profitable with a net profit of RMB 0.81 billion [9][24]. - The report highlights the company's strategic collaboration with the Ping An Group, enhancing its healthcare and elderly care ecosystem, which has positively impacted both its F-end (individual) and B-end (corporate) businesses [9][10]. Financial Summary - Revenue Forecast: - 2023A: RMB 4.674 billion - 2024A: RMB 4.808 billion - 2025E: RMB 5.421 billion - 2026E: RMB 6.143 billion - 2027E: RMB 7.008 billion - Revenue growth rates: -24.7% (2023A), 2.9% (2024A), 12.8% (2025E), 13.3% (2026E), 14.1% (2027E) [2][26]. - Net Profit Forecast: - 2023A: -RMB 0.323 billion - 2024A: RMB 0.081 billion - 2025E: RMB 0.133 billion - 2026E: RMB 0.200 billion - 2027E: RMB 0.274 billion - Adjusted net profit for 2025E: RMB 0.218 billion, 2026E: RMB 0.290 billion, 2027E: RMB 0.371 billion [2][26]. - Earnings Per Share (EPS): - 2023A: -0.15 - 2024A: 0.04 - 2025E: 0.06 - 2026E: 0.09 - 2027E: 0.13 [2][26]. - Gross Margin: - 2023A: 32.3% - 2024A: 31.7% - 2025E: 32.1% - 2026E: 32.4% - 2027E: 32.4% [2][26]. Business Segment Performance - F-end Business: - Revenue in 2024 reached RMB 2.417 billion, a year-on-year increase of 9.6%, with a decrease in paid user numbers by 5.7% to 24.8 million [10][11]. - B-end Business: - Revenue grew by 32.7% to RMB 1.432 billion, with paid user numbers increasing by 13% to 580,000, driven by the rapid expansion of corporate health management services [11][12]. - Healthcare Services: - Revenue increased by 4.9% to RMB 2.169 billion, with a gross margin of 43.3% [14][19]. - Health Services: - Revenue decreased by 7.6% to RMB 2.356 billion, with a gross margin of 21.3% [16][19]. - Elderly Care Services: - Revenue surged by 413.5% to RMB 0.283 billion, with a gross margin of 29.1% [19][20]. Future Outlook - The company is expected to achieve double-digit revenue growth in 2025-2026, with adjusted net profits projected at RMB 2.18 billion and RMB 2.90 billion respectively [22][24]. - The report suggests that the company will continue to enhance operational efficiency and expand its customer base in both F-end and B-end segments, which will further drive profitability [22][24].
平安好医生（01833）：与集团协同深化，经营持续向好