威高股份 (1066.HK) ：业绩略超预期，行业集中度持续提升
机构：方正证券
威高股份于2019年8月28日公布2019年中期业绩，公司整体实现收入49.4亿元，同比增长19.1%；扣除特殊项目后，实现归母净利润9.4亿元，同比增长23.0%。整体业绩实现了稳健增长，收入与利润均略超我们之前的预期。
行业集中度持续提升，临床护理业务增长稳健，骨科、药品包装业务高速增长，介入业务开局良好。公司临床护理业务上半年实现收入20.8亿元，同比增长10.5%，其中安全留置针增长亮眼；药品包装业务实现收入6.3亿元，同比增长32.3%，行业需求持续；骨科业务实现收入6.8亿元，同比增长30.3%，其中创伤、脊柱类业务快速增长，关节类业务增长超过70%，增速亮眼；介入业务实现收入8.1亿元，同比增长19.6%，中国市场开局良好，实现了较快的增长。其他产品线同样实现了较快的增长。
盈利能力持续提升。公司扣非净利率为19.0%，同比提升0.6pct。其中，公司毛利率为63.4%，同比提升1.1pct，主要来自于高附加值产品占比的持续提升；销售费用率为26.9%，同比下降1.3pct；管理费用率为9.7%，同比提升0.1pct；财务费用率为3.0%，同比提升0.3pct，目前爱琅债务置换进展顺利，后续财务费用率有望下降。
耗材带量采购政策有望进一步提升行业集中度，龙头企业有望持续受益。目前国内医用耗材的带量采购相关政策仍处于探索期，尚未出现明确的实施方案，各地仍在积极试点中。我们认为，带量采购政策的核心是要挤掉医用耗材价格不合理的部分，在保证医疗质量的同时，节约医保支出。因此，该政策主要影响的是渠道环节的不合理费用，对生产企业端的价格影响相对可控。威高作为行业中的龙头企业，有望受益于临床需求的持续增长与行业集中度的持续提升。
H股全流通后，控股股东、管理层和公众股东的利益进一步统一，激励机制有望持续改善。基于威高股份在临床耗材领域强大的产品能力、销售渠道、投资合作能力以及并购整合能力，我们认为公司有望实现长期稳健的复合增长，建议重点关注。
风险提示：行业降价力度超预期的风险、并购整合失败的风险、产品的销售和研发不达预期的风险、行业性突发事件的风险
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