智通财经APP获悉，广发证券发布研报称，随着平安好医生(01833)F端、B端客户持续渗透，收入增长持续性强。随着经营效率提升，盈利将进一步扩大，该行预计26~27年收入实现双位数增长，毛利率趋于提升，费用率下降，预计25~26年经调整净利润率趋于提升。参考可比公司估值，给予26年6倍PS，得到合理价值19.65港元/股，维持“买入”评级。
该行预计25年收入同比+13.6%达54.6亿元，预计毛利率维持稳定，经调整净利润同比+132%达3.68亿元，经调整净利率同比+3.4pct至6.7%。公司聚焦战略业务，预计B端企康收入快速增长，F端稳健增长，F端医险协同持续深化，同时协同集团共同打造商业保险+健康保障委托+医疗健康服务产品，加速拓展企业客户。
报告指，“平安圈”是平安健康为企业客户搭建的线下健康服务网络，通过整合连锁药店、齿科、中医理疗馆等医药健康服务资源，与美团、叮当快药等平台合作，为企业客户打造一站式健康服务闭环。企业客户员工可通过企业健康账户，享受快速购药配送、在线问诊、医疗健康管理等多项服务。同时为商保客户提供“在线问诊+处方流转+药品直赔/结算”一站式闭环服务。
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