《大行報告》花旗升微創醫療(00853.HK)目標價至9元 評級「中性」
花旗發表研究報告指,微創醫療(00853.HK)上半年收入按年升27%至3.93億美元,溢利按年增1.76倍至6,550萬美元。由於受惠高利潤的心臟產品貢獻,產品組合結構優化,故毛利率改善92點子至71.7%。
報告指,基於公司血管業務分部持續增長,管理層訂下2019年度銷售增長超過21%,略高於此前增長20%的指引;骨科醫療器械業務下半年料復甦,但指引則由增長5%調低到2至3%;心律管理業務分別指引則維持35至40%增長,其他分部則維持高雙位數增長;毛利率亦由72%降到70至71%。
該行指,微創醫療雖然短線弱勢,惟長線仍維持正面,故調整其2019年至2021年度盈利預測,分別降18%、降11%及升8.6%,至到3,100萬美元、4,600萬美元及7,400萬美元。並將目標價由7.8元升至9元,維持評級「中性」。
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