威高股份(1066.HK)：經營向好，盈利能力提升，首次覆蓋給予“買入”評級，目標價12.20 港元
機構：廣發證券
評級：買入
目標價：12.20 港元
核心觀點： *如非特殊説明，本報告貨幣單位為人民幣
領先的醫療器械整體解決方案供應商，各項業務增長符合預期 威高成立於 1988 年，從一次性耗材龍頭逐步拓展業務領域，發展成為 中國領先的醫療器械整體解決方案供應商。目前公司業務涵蓋通用醫療器 械（臨牀護理、創傷管理、醫學檢驗、麻醉及手術）、骨科、藥品包裝、介 入和血液管理等領域，並於多個細分領域佔據市場主導地位。
高利潤率業務增長強勁，盈利能力不斷提升
老齡化加速疊加進口替代，國產骨科市場顯著提速。公司骨科產品線齊 全，涵蓋創傷、脊柱、關節等，目前整體骨科收入為國產第一。考慮公司產 品和渠道優勢，有望最為受益國產替代。公司藥品包裝業務主要包括預灌封 注射器和衝管注射器。預灌封注射器用於疫苗、生物製品等產品的包裝，需 求剛性，增長強勁。骨科和藥包收入佔比分別為 13.8%和 12.7%，經營溢 利率均高於 30%，增速超過 30%。高利潤率業務推動公司成長和盈利提升。
收購愛琅迅速拓展介入產品，融資置換有望釋放利潤 18 年 1 月公司完成對美國愛琅的收購，介入產品從影像介入拓展至腫 瘤介入和血管介入，介入業務佔比從 2.4%迅速提升至 16.4%。愛琅產品於 中國具備較大的市場空間和稀缺性，藉助威高於中國的銷售渠道，愛琅中國 有望推動公司整體介入板塊的增長。愛琅融資置換工作接近完成，首年有望 節約約 1400 萬美元財務費用，介入板塊利潤釋放可期。
投資建議：經營向好，長期穩健成長可期，給予“買入”評級
預計 19-21 年歸母淨利潤 18.9/22.5/26.5 億元，增速 19%/19%/18%。 結合 SOTP 和 DCF 估值方法得到公司合理價值為 12.20 港元/股。高利潤 率業務的高增長和財務費用的降低將提升公司盈利能力，強勁的產品更新 換代和領域拓展能力確保公司長期穩健成長，首次覆蓋給予“買入”評級。
風險提示 耗材集採降價超預期；併購整合不及預期；費用拖累利潤
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