野村:首予威高(1066.HK)目標價17.8港元 評級“買入”
野村發表研究報告指,威高股份(1066.HK)的骨科植入物增長強勁,加上預填充注射器的需求強烈,故對其長期發展有信心。該行又指,威高在市場擁有優勢,預裝一次性耗材業務會在2020-2022財年維持穩定增長。該行首予其“買入”投資評級,目標價17.8港元。
野村預期,威高收入分別在2020/21/22財年增加7/24/18%,達到111億/137億/162億元人民幣。
野村表示,由於中國的手術滲透率較美國低10倍,中國的骨科植入物增長或會維持強勁,主要受病人強烈需求及經濟型國內品牌的市場滲透帶動。該行指,受惠關節置換和脊柱外科手術,料骨科手術量在2020-28財年達12.4%複合年增長,而骨科耗材銷售有25%複合年增長,高於同行增長。
野村提到,威高的藥品包裝,特別是預裝注射器的銷售在2016-2019年複合年增長錄得29%,主要受惠產能及產品平均售價提升,料需求仍會繼續強勁,醫療器械產品能在2020-2022財年錄得13.3%複合年增長。

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