瑞信:降微创医疗(0853.HK)目标价至7.6港元 评级“中性”
瑞信发表报告,将微创医疗(00853.HK)目标价由7.9港元降至7.6港元,维持“中性”评级。该行亦下调对公司今明两年盈利预测5.5%及1.8%,反映新购入心律管理产品(CRM)业务及经导管主动脉瓣置换术(TAVR)业务商业化,导致研发及销售成本高企,致使经调整净利润率持续下跌。

该行指,公司半年收益按年升26.7%,扣除CRM的内生收益增长为7.5%,扣除出售分支部分权益的一次性收益,经调整纯利实际按年跌53.6%。该行指,上半年收益符合预期,惟利润继续受压。
报告引述公司预期称,骨科业务下半年将重拾增长,新批准的TAVR设备会成为未来收益增长的新动力,但该业务料将出现亏损。
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