CICC: First give a "outperform" rating to Medical System (02192), with a target price of HKD 17.5.

date
04/08/2025
According to the information from the Wise Finance APP, CICC released a research report stating that it covered Doctor Chun (02192) for the first time and gave it an outperform rating. Considering the company's stable profit output and the potential value contribution from its cash on hand from a business perspective, the target price is HKD 17.50 (14% upside). Based on the relative valuation method, the 2025 EV/EBIT multiple is projected to be 40x. The company is a leader in the third-party digital doctor platform industry, with an expected non-IFRS EBIT of RMB 183 million and RMB 232 million in 2025 and 2026, respectively, with a CAGR of 34%.