Company Coverage
Medlive Technology Co (2192 HK): 1H26: Softer Top-line Growth On Compliance Reset; Core Earnings Remain Resilient
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$7.65
HK$10.20
+33.3%
HK$11.00
Analyst
Analyst
Highlights
- Medlive's 1H26 revenue grew 1.0% yoy, missing our and consensus 2026 estimates, as tighter compliance rules delayed project execution. 1H26 adjusted net profit increased 2.4% yoy, while core adjusted net profit (excluding interest income) rose 19.7% yoy.
- Management still guides for double-digit growth in product count in 2026, supported by platform scale and AI upgrades. We cut 2026 revenue and adjusted net profit growth estimates to 2.1% and 4.2% yoy.
- Maintain BUY and cut target price to HK$10.20, based on 15.7x 2027F PE.
Analysis
1H26 results missed. Medlive Technology Co's (Medlive) 1H26 revenue grew 1.0% yoy to Rmb315.2m, below our and consensus estimated 15.4% and 16.4% yoy respectively for 2026. Adjusted net profit increased 2.4% yoy to Rmb170.8m in 1H26, missing our estimated 14.1% yoy for 2026 while meeting consensus estimated 4.5% yoy. Core adjusted net profit (excluding interest income) grew 19.7% yoy in 1H26. It declared an interim dividend of Rmb0.1309/share, representing a payout ratio of around 60%.
Highlights
- Medlive's 1H26 revenue grew 1.0% yoy, missing our and consensus 2026 estimates, as tighter compliance rules delayed project execution. 1H26 adjusted net profit increased 2.4% yoy, while core adjusted net profit (excluding interest income) rose 19.7% yoy.
- Management still guides for double-digit growth in product count in 2026, supported by platform scale and AI upgrades. We cut 2026 revenue and adjusted net profit growth estimates to 2.1% and 4.2% yoy.
- Maintain BUY and cut target price to HK$10.20, based on 15.7x 2027F PE.
Analysis
1H26 results missed. Medlive Technology Co's (Medlive) 1H26 revenue grew 1.0% yoy to Rmb315.2m, below our and consensus estimated 15.4% and 16.4% yoy respectively for 2026. Adjusted net profit increased 2.4% yoy to Rmb170.8m in 1H26, missing our estimated 14.1% yoy for 2026 while meeting consensus estimated 4.5% yoy. Core adjusted net profit (excluding interest income) grew 19.7% yoy in 1H26. It declared an interim dividend of Rmb0.1309/share, representing a payout ratio of around 60%.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$7.65
HK$10.20
+33.3%
HK$11.00
Analyst
Analyst
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