The Zhitong Finance App learned that CMB International released a research report stating that it maintains the “buy” rating of Ping An Good Doctor (00833), with a target price of HK$24.24. The company's business maintained a steady development momentum in 2022, and profit margins are expected to continue to improve under Strategy 2.0.

According to the report, the deepening of the company's strategy 2.0 has seen initial results in the enterprise market. As of December last year, it had served a total of 978 corporate customers (520 at the end of 2021), covering about 3 million paying employees (over 1 million at the end of 2021). With the optimization of the epidemic prevention policy, the bank believes that the company's corporate offline customer acquisition in 2023 will completely return to a normal pace.

The bank mentioned that the company's profit margin is expected to continue to improve under Strategy 2.0. Profit-side companies continued to reduce losses. In 2022, gross margin increased 4.1 percentage points compared to last year (with the health services sector up 4.2 percentage points), and the sales expenses ratio decreased 6.0 percentage points from last year. It is also expected that the company's strategy of focusing on enterprise customers will continue to bring about cost savings and scale effects.