大華繼顯:降微創醫療(0853.HK)目標價至36.77港元 評級“買入”
大華繼顯發表研究報告指,微創醫療(0853.HK)在國家藥品集中採購組織(GPO)的冠狀動脈支架招標中,獲得24.2%的最大市場份額,認為大幅減價將在未來兩年為公司帶來收入及盈利壓力,而公司將繼續專注於創新,相信其新產品的開發和推出,將推動長期的增長。該行下調微創醫療目標價8.075%,由原來的40港元降至36.77港元,評級維持“買入”。
大華繼顯表示,微創醫療是GPO招標中的最大贏家,佔有24.2%的市場份額,而相關產品收入下跌是無法避免的。GPO採購的首年很可能在2021年為集團帶來1.55億元人民幣的收入,這將導致冠狀動脈支架的收入較2019年大幅減少約37%。
該行認為,公司的冠狀動脈支架業務的利潤率將自2022年起逐步提高。公司在過去幾年中,已在歐盟和美國獲得大量的新產品批准,從而逐步擴大在全球市場中,愈來愈多的治療領域業務。該行指,這些新產品和新渠道,是公司未來幾年的主要催化劑。
該行已調低微創醫療2021及2022年冠狀動脈支架業務的收入預測分別37%和15%,而毛利率預測亦分別降至65%和69%。
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