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<Research>M Stanley: PA GOODDOCTOR 3Q Rev. Growth Slows; Firm Expected to Achieve 10% Annual Growth Target
Recommend 10 Positive 10 Negative 12 |
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PA GOODDOCTOR (01833.HK)'s 1-3Q25 revenue grew by 13.6% YoY to RMB3.72 billion, while net profit increased by 72.6% YoY to RMB184 million, according to Morgan Stanley's research report. Adjusted net profit hiked by 45.7% YoY to RMB216 million. Of which, 3Q25 revenue rose by 3% YoY, a slowdown from the 20% growth in 1H25, due to a higher base and seasonality. The growth rate for financial clients (F-end) and corporate clients (B-end) for 1-3Q25 slowed to 21.5%, compared to 30% in 1H25. Morgan Stanley believed that the Company can achieve its target of over 10% annual revenue growth and an adjusted net profit margin of 5-6%, which will depend on the pace of AI investment. On the positive side, the AI technology adopted by the Company has improved the accuracy of complex disease treatment to about 90%, compared to about 80% in 1H25, and reduced the cost of family doctor services by about 52% YoY. Therefore, the broker now rated PA GOODDOCTOR at Equalweight, with a target price of $16.3. AASTOCKS Financial News Website: www.aastocks.com |
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