摩根士丹利-中国-医疗保健行业-两家互联网医疗玩家研究政策推动下不断演变的商业模式-2020.3.25-64页.pdf
《摩根士丹利-中国-医疗保健行业-两家互联网医疗玩家研究政策推动下不断演变的商业模式-2020.3.25-64页.pdf》由会员分享,可在线阅读,更多相关《摩根士丹利-中国-医疗保健行业-两家互联网医疗玩家研究政策推动下不断演变的商业模式-2020.3.25-64页.pdf(66页珍藏版)》请在启牛文库网上搜索。
1、Yolanda.HSean.WLaurence.TAlexis.YEthan.DAttractiveMORGAN STANLEY ASIA LIMITED+Yolanda HuEQUITY ANALYST+852 2848-5649Sean WuEQUITY ANALYST+852 3963-0755Laurence TamEQUITY ANALYST+852 2239-1753Alexis YanRESEARCH ASSOCIATE+852 2239-7953Ethan DingRESEARCH ASSOCIATE+852 3963-0546China HealthcareAsia Paci
2、ficIndustryViewChina HealthcareChina Healthcare|Asia Pacific Asia PacificInitiating on Two InternetHealthcare Players:Evolving BizModels Amid Policy TailwindsAli Health and Ping An Healthcare are leading players in theonline realms of drug sales and patient consultations in China.Both companies aim
3、to build closed-loop ecosystems withmultiple offerings,and are backed by powerful parents.Initiateboth at OW.We are very constructive on Chinas internet healthcare industry:Chinasinternet healthcare market generated Rmb20bn in 2018 sales.China presentsdistinctive opportunities,owing to the countrys
4、large internet/smartphone-adeptpopulation base and advancing modern technologies.Internet healthcare notonly addresses some of the current systems pain points,but it can also exploitthe power of big data to drive more effective business decisions and propel newbusiness models.The gradual rollout of
5、reimbursement coverage for onlineconsultations and potential relaxation of online prescription sales in the next 6-12 months broaden the playing field for internet healthcare companies,andshould drive robust growth over the next few years.The Covid-19 outbreak notonly spurs near-term demand for onli
6、ne healthcare services,but should alsoprompt favorable regulatory development and broader public awareness ofinternet healthcare services in the medium to long term.Industry landscape/key players:In Asia Primer:The Era of Internet Healthcare,we map out the industrys various subsegments,discuss oppor
7、tunities and risks,examine valuation,and introduce the key players.The industry includes bothindividual-facing internet healthcare services(e.g.,online consultations,drug e-commerce,consumer healthcare),and business-oriented technologies(e.g.,AI-based drug discovery and early disease diagnosis,clini
8、cal decision supportsystems and IoMT internet of medical things).Initiate Ali Health and Ping An Healthcare,each at OW:We project 74%/103%sales/adjusted NI CAGRs,F3/19-22,for Ali Health,driven by robust GMV growthfor both self-operated and platform segments,rising commission rate helped byplanned as
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- 摩根士丹利 中国 医疗保健 行业 互联网 医疗 玩家 研究 政策 推动 不断 演变 商业模式 2020.3 25 64
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