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開源證券:錦欣生殖(1951.HK)各地區ARS業務恢復較好,整體盈利能力提升,維持“買入”評級
格隆匯 09-14 16:14
錦欣生殖8月29日發佈業績報吿:2023H1實現營收13.34億元(+17.2%),實現歸母淨利潤2.24億元 (+17.6%)。開源證券9月4日發佈點評研報稱:錦欣生殖上半年正常化利潤已完成2023年5億目標的一半,維持2023-2025年盈利預測,預計2023-2025年公司歸母淨利潤分別為3.61/4.98/6.46 億元,EPS分別為0.14/0.20/0.26元,當前股價對應PE分別為 30.2/21.9/16.8倍,公司聚焦IVF主業,生殖+婦兒協同明顯,維持“買入”評級。錦欣生殖各地區ARS業務恢復較好,整體盈利能力提升。2023年上半年毛利率同比提示僧1.51pct,費率整體相對穩定,歸母淨利率提升0.05pct。行業擴容奠基長期增長,內生恢復、產能/業務/外延擴張促進短期增長。長期來看,政策、技術帶來的市場擴容是錦欣生殖保持較好增長的奠基石,輔助生殖項目納入醫保促進滲透率加速提升,提升人羣對輔助生殖的認知,同時推動IVF的主流人羣年齡至三代試管使用率明顯更高的35歲,目前公司已經獲得第三代牌照,該優勢在後續會逐步放大。短期來看,促進公司業績增長的驅動力包括:內生恢復(疫情影響消除/武漢恢復ARS業務/老撾試營業促進收入增長,美國盈利能力快速恢復/武漢減虧促進利潤增長)+產能擴張(深圳醫院擬2024Q2搬遷/美國持續招募醫生)+業務擴張(香港凍卵業務快速增長)+外延加速(積極主動尋找國內和東南亞併購機會)。
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