《大行报告》花旗升微创医疗(00853.HK)目标价至9元 评级「中性」
花旗发表研究报告指,微创医疗(00853.HK)上半年收入按年升27%至3.93亿美元,溢利按年增1.76倍至6,550万美元。由於受惠高利润的心脏产品贡献,产品组合结构优化,故毛利率改善92点子至71.7%。
报告指,基於公司血管业务分部持续增长,管理层订下2019年度销售增长超过21%,略高於此前增长20%的指引;骨科医疗器械业务下半年料复苏,但指引则由增长5%调低到2至3%;心律管理业务分别指引则维持35至40%增长,其他分部则维持高双位数增长;毛利率亦由72%降到70至71%。
该行指,微创医疗虽然短线弱势,惟长线仍维持正面,故调整其2019年至2021年度盈利预测,分别降18%、降11%及升8.6%,至到3,100万美元、4,600万美元及7,400万美元。并将目标价由7.8元升至9元,维持评级「中性」。
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