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1、March25,202011:02AMGMTAsiaPrimerTheEraofInternetHealthcareChina'sinternethealthcareindustryisatatippingpoint,withpublicinsuranceforonlineconsultationsbeingrolledoutandrelaxationofonlineprescriptionsalesunderdiscussion.Thevalueofhealth-relateddataisbeingleveragedtodrivesmarter
2、decisions,propellingnewbusinessmodels.MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanleyResearch.InvestorsshouldconsiderMorganStanle
3、yResearchasonlyasinglefactorinmakingtheirinvestmentdecision.Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmayno
4、tbesubjecttoFINRArestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.Contents4CompTable5HandbooktoChina'sInternetHealthcareIndustry6IndustryMapping7InternetHealthcareinChina12CompetitiveLandscapes15B2CPharmaceutic
5、alE-commerce21OnlineConsultation25OtherInternetHealthcareServices32TheValueofHealth-relatedBigData42OverseasListedInternetHealthcarecompanies47ValuationofChinaandGlobalInternetHealthcareCompanies53ValuationMethodologyandRisksFOUNDATIOMNCompTableExhibit1:Internethealthcarecomp
6、tableCompanyCurrentpriceMktCapEV3MSalesCAGRP/SP/EEPSCAGRPerforanceLocalUSDmnUSDmnADTV('19A-'21E)2019A2020E2021E2019A2020E2021E('19A-'21E)mYTDmn2019Chinainternethealthcarecompanies0241.HKAlibabaHealthInformationTechnologyLtdHKD12.319,13618,7484172%15.0x8.6x5.1xNMNMNMNM42%28%18
7、33.HKPingAnHealthcareandTechnologyCoLtdHKD63.58,7337,710836%10.7x8.8x6.6xNMNMNMNM106%5%YI.O111IncUSD5.84744050.36---NANANANA10%-14%GlobalInternethealthcarecompanies2413.TM3IncJPY2860.017,96116,92638%15.2x13.8x12.9x85.6x71.5x63.0x17%124%-13%TDOC.KTeladocHealthIncUSD139.610,194
8、10,117228%18.8x14.2x11.4xNANANANA69%67%LVGO.OLivongoHealthIncUSD21.6
