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
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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