The Zhitong Finance App learned that Daiwa published a research report reviewing the performance of Dr. Ping An (01833) and set its target price at HK$21 to maintain the “buy” rating.

Ping An Hao Doctor's management said that the company expects to focus more on B-side and F-side customer expansion in 2023. Yamato believes that the differentiation between Dr. Ping An and his peers determines their respective business models. The differentiation of Ping An Good Doctor's business is to take advantage of Ping An's huge corporate customers; while Ali Health and Jingdong Health use its group's e-commerce advantages to target the C-end mass market. The bank expects that after Ping An Hao Doctor further optimizes its strategic business, its profit margin will increase.

As the company is still optimizing its business priorities for B-side and F-end customers, it is more cautious about Ping An Health's revenue growth expectations. However, profit margin expectations are more positive, raising the company's gross margin forecast for 2023-2024 by 0-1 percentage points.

Dr. Ping An Hao recently announced the 2022 audited annual results, with revenue of approximately RMB 6.16 billion; net loss fell 60.3% to RMB 611 million. Among them, the revenue of the medical services sector was 2,547 billion yuan, an increase of 2.0% over the previous year. Among them, revenue from the medical services sector increased 25.1% month-on-month in the second half of the year. The gross margin of the medical services sector was 36.2%, an increase of 0.4 percentage points over the previous year, achieving a steady increase. The revenue of the health services sector was 3.613 billion yuan. Among them, the revenue of the health services sector increased 13.0% month-on-month in the second half of the year. The gross margin of the health services sector was 21.1%, an increase of 4.3 percentage points over the previous year.