大行評級|德銀:首予艾迪康“買入”評級 目標價18.6港元
德銀首次覆蓋艾迪康,予“買入”評級,目標價為18.6港元,較8月16日收盤價12.9港元仍有約44.18%的增長空間。 截至目前,艾迪康擁有33家自營實驗室,覆蓋中國30個省市自治區的超過19,000家客户以及1,600多個縣市。公司提供超過4,000餘項檢測項目,包括超過1,700種普檢和超過2,300種特檢。根據弗若斯特沙利文的數據,艾迪康在中國排名前三的ICL領先企業中提供的檢測項目數量最多。艾迪康在2020年、2021年和2022年分別投資了1.02億元人民幣、1.254億元人民幣和1.627億元人民幣進行研發。截至2022年12月31日,艾迪康擁有九個高科技研發實驗室,包括位於上海和杭州的兩個領先行業的中心研發實驗室。 受到醫院外包需求的不斷增加、分級醫療體系不斷推進的影響,ICL高效的成本效益和提供的更大測試組合的能力日益為市場認可,預計中國的ICL市場將在2021年至2026年間,以18.2%的複合年增長率快速提升至513億元人民幣。作為市場領導者之一,該行認為艾迪康憑藉其競爭優勢在中國ICL行業的快速增長中處於良好位置:(1)領先業界的實驗室,(2)由強大的研發和質量控制能力支持的全面檢測服務,(3)強大的實驗室網絡和物流能力,以及(4)專業的營銷團隊。 由於艾迪康仍在擴展其實驗室網絡,整個ICL行業仍在快速增長,德銀採用DCF模型來捕捉公司的中長期增長潛力。該行應用10%的WACC(beta:1.2,無風險利率:3.15%)和1.0%的終端增長率。所應用的WACC和終端增長率與該行覆蓋的醫療保健公司一致。
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