《大行报告》瑞信上调威高股份(01066.HK)目标价至18元 评级「跑赢大市」
瑞信发表研究报告指,威高股份(01066.HK)去年收入及净利润均大致符合预期,去年下半年非急需手术量强劲复苏,令收入较上半年强劲增长23%,净利亦按年增长16.7%。疫情对收入结构的持续影响以及药品包装利润下降,令去年下半年毛利率按年下降5.9个百分点。
该行指,管理层提出未来增长战略,包括不断完善现有产品线,重点升级临床护理领域的现有产品,并拓展骨科领域,增加脊柱、创伤和关节产品的产品供应,提高药品包装能力等;并计划在泌尿科、麻醉及内分泌系统与血糖管理相关设备方面研发新产品,预计将在未来3至5年内通过内部研发及外部合作进入该三个领域。
报告指出,公司亦为今年订立增长指引,预计收入按年增长18%至20%。瑞信认为增幅高於先前预计的15%,预期额外增长可能来自於药品包装制造能力的扩张,料细分市场增长率持续保持高位,上调目标价至18元 (原本17元),维持「跑赢大市」评级。
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