《大行報告》瑞信下調錦欣生殖(01951.HK)目標價至13.1元 評級「跑贏大市」
瑞信發表的研究報告指,錦欣生殖(01951.HK)上半年收入及淨利分別按年跌22.7%及35.9%,主要因為疫情影響到中國及美國的營運,而其他國際客戶亦因旅遊禁令未能訪美。上半年毛利率收窄12.6個百分點主要因為固定成本較高,而收入則受疫情影響而有所下跌,估計毛利率將可回復至疫情前水平。
上半年中國分部的收入按年跌11.2%至4.51億元人民幣(下同),次季收入則按季升78.9%至2.89億元。美國分部上半年收入跌43%至1.61億元,次季收入則按季跌48%至5,490萬元。該行估計中美兩個分部的收入今年全年將分別升6%及跌20%。
該行將公司目標價由13.54元降至13.1元,並將2020-22年的盈利預測分別降8.7%、7%及4.6%,主要考慮疫情影響較長,而短期將為利潤帶來壓力,維持「跑贏大市」評級,認為公司在人工受孕方面有領導地位,而未來亦有潛在併購機遇。(el/a) ~
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