GF SEC expects Ping An Good Doctor (01833) to achieve sustained revenue growth driven by continued penetration of its F-side and B-side customer segments. As operational efficiency improves, profitability is projected to expand further. The firm anticipates double-digit revenue growth in 2026-2027, with gross margins trending upward and expense ratios declining. Adjusted net profit margins are forecasted to rise during 2025-2026. Based on comparable company valuations, a 6x price-to-sales ratio for 2026 is applied, deriving a fair value estimate of HK$19.65 per share. A "Buy" rating is maintained.
The brokerage projects 2025 revenue to increase 13.6% year-over-year to RMB 5.46 billion, with gross margins remaining stable. Adjusted net profit is expected to surge 132% year-over-year to RMB 368 million, while the adjusted net profit margin is estimated to rise 3.4 percentage points to 6.7%. The company is focusing on strategic business segments, with rapid growth anticipated in B-side corporate health services and steady growth in F-side operations. Integration of medical insurance on the F-side continues to deepen, alongside collaborative efforts with the group to develop products combining commercial insurance, health protection mandates, and medical health services, accelerating expansion among corporate clients.
The report highlights "Ping An Circle," Ping An Health's offline health service network for corporate clients. By integrating resources such as chain pharmacies, dental clinics, and traditional Chinese medicine therapy centers, and partnering with platforms like Meituan and DingDang Quick Medicine, it provides corporate clients with a one-stop health service ecosystem. Employees of corporate clients can utilize enterprise health accounts to access services including rapid medication purchase and delivery, online consultations, and medical health management. Additionally, the platform offers commercial insurance customers an integrated service loop featuring online consultations, prescription transfers, and direct medication claim settlements.