大行評級|美銀:重申艾迪康“買入”評級 目標價上調至16.6港元
美銀重申艾迪康的“買入”評級,目標價從15.8港元上調至16.6港元。2023年上半年,艾迪康錄得總收益16.44億元,期內對COVID-19檢測的需求減少,但COVID-19限制解除後基礎測試服務的恢復部分抵消了收入下降的影響。毛利為7.17億元,整體毛利率為43.6%,同比增長3.2%,主要由於原材料成本下降以及成本控制措施優化。公司銷售及市場推廣/行政/研發費用分別為2.337億元/1.366億元/6.91億元,同比下降20.7%/1.7%/13.7%,占上半年總收入的14.2%/8.3%/4.2%(去年同期為12.0%/5.7%/3.3%)。考慮到未來ICL的滲透率可能上升,尤其是在醫藥反腐運動之後,該行調整了長期銷售額預期。該行重申對艾迪康的“買入”評級,鑑於1)中國的ICL市場的快速增長,主要得益於不斷髮展的技術、CRO和製藥公司對藥物創新日益增長的需求、醫療改革以及人口老齡化和個人健康意識提高帶來的檢測量增長;2)市場領先地位有助於搶佔市場份額;3)行業估值處於歷史低位。
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