Dahua Jixian released a research report initiating coverage on MEDLIVE (02192) with a "Buy" rating and a target price of HK$13.5. This target implies a projected 2026 price-to-earnings ratio of approximately 24.1 times. The report highlights that MEDLIVE is a leading physician platform in China, reaching 88% of the nation's practicing doctors. It has established a physician-centric B2B niche that complements peers focused on consumers. The firm anticipates that MEDLIVE's capital-light and high-margin business model will support a compound annual growth rate of 17% for revenue and 15% for adjusted net profit from 2025 to 2027. The bank is optimistic about the company's net cash position, prospects for high profitability, and a potential dividend payout ratio between 50% and 60%.