Investment Rating - The report maintains a "Buy" rating for Ping An Good Doctor (01833.HK) [1][6] Core Views - The company achieved its first profit turnaround in 2024, with total revenue reaching 4.808 billion yuan, a year-on-year increase of 2.59%. The net profit was 81 million yuan, marking a successful return to profitability [1][6] - The growth was driven by the collaboration between the F-end (individual customers) and B-end (enterprise customers) businesses, with F-end revenue at 2.417 billion yuan (+9.6%) and B-end revenue at 1.432 billion yuan (+32.7%) [1][6] - The company is expanding its presence in the medical AI sector, with the launch of the digital avatar "Ping An Xin Yi" and improvements in AI-assisted diagnosis accuracy [1][6] - A special dividend was approved, with a payout of 9.7 HKD per share, totaling approximately 10.85 billion HKD, enhancing long-term value [1][6] Financial Summary - Total revenue for 2024 is projected at 4.808 billion yuan, with expected growth rates of 11.7%, 10.3%, and 10.1% for 2025-2027 [3][6] - Net profit is forecasted to grow significantly, with estimates of 245 million yuan in 2025 and 342 million yuan in 2027, reflecting growth rates of 200.7% and 10.7% respectively [3][6] - The target price is set at 10.78 HKD, with the current price at 7.61 HKD, indicating potential upside [3][6]
平安好医生（01833）：2024年报点评：实现首次扭亏，AI赋能+股息落地提升长期价值