金吾财讯 | 华创证券发研报指，平安好医生(01833)2024年总收入达48.08亿元，同比+2.59%。其中，面向个人客户的F端业务收入24.17亿元，同比+9.6%；针对企业客户的B端业务收入14.32亿元，同比+32.7%。净利润达0.81亿元，扣非净利润0.81亿元，成功扭亏为盈。该行表示，公司自主研发的AI辅助诊疗系统导诊与辅助诊断准确率高，此前已发布多模态大模型及医生工作台，今年2月初完成DeepSeek部分场景应用验证。此次全新推出的数字分身“平安芯医”已覆盖多科室，用户在平安健康App即可便捷体验，借助科技，有望为用户提供更精准医疗服务，提升医疗资源可及性与用户获得感。该行看好平安好医生在医疗AI领域的持续拓展及与平安集团的协同潜力，维持“推荐”评级。考虑到公司医疗AI技术进展、新业务布局如“平安芯医”及与平安集团的协同发展前景，故该行调整公司25年业绩预测，预计2025-2027年营业收入分别为53.7、59.2、65.2亿元，同比变动+11.7%、10.3%、10.1%。鉴于营业收入为衡量互联网医疗的重要指标，该行采用PS进行估值，给予2025年4倍目标PS，对应目标价10.78港元。维持“推荐”评级。
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