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2019年半年报点评 |威高股份(1066.HK):业绩略超预期,高毛产品强劲增长驱动盈利提升,维持“买入”评级
格隆汇 08-30 16:06

机构:光大证券

评级:买入

◆上半年业绩略超预期。上半年,公司实现收入49.4亿元(+19.1%),归母净利润9.4亿元(+44.2%),不计特殊项目的归母净利润同比增长23%,合EPS0.21元,略超市场预期。毛利率增加1.1pp至63.4%,主要是产品结构优化,高附加值产品占比不断提升拉动公司盈利水平不断改善,目前高附加值产品占比已达61.8%。

◆通用耗材增长稳健,高附加值产品占比提升。

1)医疗器械业务收入27亿元(+14.2%),分部利润5.7亿元(+29.7%);其中临床护理业务增长稳健,实现收入20.7亿元(+10.5%),创伤管理、医学检验业务快速增长。

2)药品包装业务收入6.3亿元(+32.3%),分部利润2.3亿元(+39.9%)。预充式注射器与冲管注射器保持高增长势头。

3)血液管理业务收入2亿元(+17.3%),分部利润0.27亿元(+60.8%)。公司凭借丰富的产品组合和广泛的医院渗透成为耗材高度分散市场中的领军者。预计医疗器械业务全年有望保持约15%较快增长,药品包装和血液管理业务有望维持快速增长。高附加值产品占比不断提升拉动公司盈利水平不断改善。

◆受益行业高景气度,骨科业务快速增长。

骨科业务上半年实现收入6.8亿元(+30.3%),分部利润2.4亿元(+59.1%),利润增速快于收入增速主要是规模效应,骨科整体毛利率提升与销售费用率同比明显降低。公司是国内骨科产品全类别厂家,受益进口替代、老龄化加速、政策利好,骨科行业景气度较高,公司脊柱与创伤产品增长超过20%,关节业务收入1.3亿元,同比增长超过70%,实现快速发展。预计骨科19年全年仍有望维持快速增长。

◆介入耗材成功扭亏,有望打开中国市场。介入耗材实现收入7.1亿元(+18.7%),成功实现扭亏。爱琅中国市场将成为未来主要增长领域之一,国内产品形成销售后将有力推动介入类耗材增长,有望带来盈利弹性。此外,爱琅的债务置换工作已接近尾声,预计首年有望节约财务费用达1400万美元,助推爱琅盈利快速释放。

◆维持“买入”评级。公司是国内医疗器械龙头,产品组合丰富,考虑到高附加值产品增长强劲上调2019-2021年的EPS至0.43/0.51/0.60元(原为0.40/0.47/0.55元),同比增长22.6%/18.1%/17.97%,对应PE16/14/12x,维持目标价9.67港元,维持“买入”评级。

◆风险提示。高值耗材降价压力、低值耗材增长乏力、海外业务经营风险。

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