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Jefferies:首予艾迪康“買入”評級 目標價20港元
格隆匯 08-18 10:01
Jefferies首次覆蓋艾迪康,予“買入”評級,並給出基於PEG的目標價為20港元,較8月16日收盤價12.9港元仍有約55%的增長空間。 艾迪康是中國第三大獨立醫學實驗室(ICL),2021年市場份額佔比約為8.6%。艾迪康在中國擁有33家自營實驗室(其中18家通過ISO 15189認證)。能夠提供4,000多項專業醫學檢測(1,700多種普檢和2,300多種特檢),高於中國大型三級醫院所能提供的500至1,000種檢測項目數。截至2022年年底,艾迪康客户羣體超過19,000個。此外,公司擁有380多名研發人員和1,500多名銷售人員。 該行相信,得益於其高運營效率、獨特市場定位以及持續優異業績,艾迪康將成為中國ICL行業的重要市場整合者,在2030年預計佔據15%的市場份額。該行預計中國臨牀醫學檢測的外包率/ICL滲透率將從2021年的6%上升到2030年的20%,而美國為35%,德國為44%,日本為60%。醫學檢測需求的增長將受到人口老齡化、新治療方案的廣泛使用、健康意識和醫療需求不斷提升的推動。政策利好也將支持ICL滲透率的提升,因為ICL在檢測能力和成本控制方面更加高效,從而改善中國的醫療保健體系。 財務方面,該行預計,艾迪康2023E/24E/25E的收入為37億元/44億元/55億元(同比增長-23%/+18%/+25%);EBITDA為8億元/9億元/11億元(同比增長-23%/+7%/+18%);淨利潤為3.34億元/4.84億元/6.24億元(同比增長-51%/+45%/+29%);調整後淨利潤為4.24億元/4.98億元/6.33億元(同比增長-31%/+17%/+27%)。20港元的目標價,預示着2024E/25E的市銷率為3.0倍/2.4倍,市值/EBITDA為14.0倍/11.8倍,市盈率(淨利潤)為27.3倍/21.2倍,市盈率(調整後淨利潤)為26.5倍/20.9倍。
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