Daiwa: Ping An Good Doctor's quarterly results reflect the operation is moving towards the full year target, target price of 16.8 Hong Kong dollars.

Morgan Stanley's research report stated that Ping An Good Doctor's first-quarter performance reflects the company's progress towards its annual goals, with first-quarter revenue increasing by 9.1% year-on-year to 1.16 billion yuan; net profit was 79.1 million yuan, a significant increase of 138.4% year-on-year; adjusted net profit was 84.4 million yuan, an increase of 45.8% year-on-year. The bank believes that the small increase in revenue may reflect adjustments in service delivery models and accounting methods, while profit growth better reflects the company's actual economic benefits. The company's corporate health management business remains strong, with over 7,500 paying users in the past 12 months, an 89% annual increase, supporting healthy growth in transaction volume. As of the first quarter, the number of AI doctor users reached 5.6 million, with the accuracy of complex disease solutions provided by the multi-disciplinary consultation platform with AI assistance reaching approximately 95%. The bank now targets Ping An Good Doctor's stock price at 16.8 Hong Kong dollars and maintains a "market performance" rating.