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 upfront investments in elderly care, corporate health, and AI initiatives, resulting in a non-IFRS net profit margin of 2.5% [1]. - The report emphasizes the importance of synergies with the group and the progress of AI technology in reducing costs and enhancing efficiency [1]. Revenue and Profitability - The company's 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]. - The health services revenue decreased by 0.2% to HKD 1.37 billion in 2H24, primarily due to one-time factors affecting high base revenue from 2H23 [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]. - The B-end strategic business recorded a revenue increase of 32.7% to HKD 1.43 billion, with the number of serviced enterprises reaching 2,049 [4]. - The report highlights significant growth potential in corporate health management services, which saw nearly 70% revenue growth quarter-on-quarter in 2H24 [4]. Financial Forecasts and Valuation - The non-IFRS net profit forecasts for 2025 and 2026 have been raised by 23.3% and 22.1% to HKD 0.30 billion and HKD 0.39 billion, respectively, due to AI cost reductions and cautious expense management [5]. - The new target price of HKD 9.00 is based on a DCF valuation, reflecting a price-to-sales ratio of 3.3x and 3.0x for 2025 and 2026 [15]. - The report projects revenue for 2025 to be HKD 5.385 billion, with a year-on-year growth of 12% [7].
平安好医生（01833）：收入好于预期，关注集团协同与AI赋能效果