愛康醫療(01789.HK)收購事件點評：擬收購理貝爾，加快打造平台型骨科公司，維持“增持”評級，目標價22.27港元
機構：國泰君安
評級：增持
目標價：22.27港元
事件：公司公告擬收購國內骨科龍頭理貝爾，拓展脊柱及創傷產品線，加快打造平台型骨科公司，有望長期快速增長，維持增持評級。
維持增持評級。收購尚未完成交割，仍有一定不確定性，暫不考慮本次收購對公司淨利潤的影響，維持2020-2022年預測EPS0.33/0.45/0.58元，維持目標價20.27元，摺合22.27港元，對應2020年PE61X，維持增持評級。
收購標的擁有完整的脊柱及創傷產品線。公司公告擬以4020萬美元（摺合人民幣2.85億元）收購理貝爾，收購標的2019年收入8583.2萬元，除税後利潤967.1萬元，預計將於2020年4月底前完成交割。理貝爾為國內前十骨科品牌，在骨科領域深耕24年，擁有豐富的脊柱及創傷產品線、穩定的產品質量及成熟的銷售渠道，在設計開發和製造骨科植入物、手術工具方面積累深厚。
拓展骨科產品線，打造骨科平台型公司。本次收購有利於公司加快拓展脊柱及創傷產品線，公司現有3D打印脊柱業務（包括脊柱融合系統和人工椎體）有望和理貝爾協同拓展，為臨牀提供整體解決方案。並將3D打印技術（包括3DITI術前規劃、3D導板技術和3D骨填充系統）運用到創傷產品線，進一步帶動創傷產品組合拓展，為創傷治療帶來創新解決方案。本次收購完成後，公司將完成關節、脊柱、創傷的全骨科產品線佈局，未來實現骨科平台型公司發展。
3D打印技術賦能，有望長期受益行業變革。中國關節市場正處於國產替代黃金期，在高值耗材帶量採購政策推動下，未來三年將是中國骨科行業的重大變革階段，骨科龍頭企業有望憑藉產品品質、品類豐富度、銷售渠道、臨牀服務等綜合優勢分享政策紅利，是龍頭公司跑馬圈地的重要窗口期。公司將以3D打印技術為業務推動力，發展多個骨科業務併線增長，併購助力公司豐富骨科產品佈局，實現跨越式發展，打造骨科平台型公司，有望持續保持快速增長。
風險提示：新品研發進展不及預期，帶量採購降價幅度超預期。
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