医脉通:兼顾专业性和商业化的第三方数字医师平台翘楚

中金公司
Aug 03, 2025

投资亮点首次覆盖医脉通(02192)给予跑赢行业评级,目标价17.50 港元,基于相对估值法,对应估值倍数40x 的2025 年EV/EBIT,公司是第三方数字医师平台行业翘楚。理由如下:医疗产业营销端迎来升级,第三方医师平台有望脱颖而出。传统医药营销活动多以线下方式为主,疫情扰动、医疗行业集中整顿等因素令药企对线上医疗营销业态关注度提升。根据弗若斯特沙利文数据及我们测算,2023 年泛数字医疗...

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