威高股份(01066.HK)2020年半年报点评：业绩符合预期，骨科与药包业务表现靓丽，维持“买入”评级
机构：光大证券
◆疫情影响下稳健经营。20H1 公司实现收入 50.9 亿元（+3.0%），归母净利润 9.7 亿元（+3.5%），符合市场预期。毛利率下降 5.7pp 至 57.8%，主要是高附加值产品受疫情影响销售有所下降所致，此外公司费用管控成效显著，销售和管理费用率分别下降 3.8pp/1.4pp 至 23.1%/8.3%。
◆临床护理板块受疫情影响较大，药品包装板块表现出色。1）医疗器械业务收入 24.5 亿元（-5.8%），分部利润 5.2 亿元（-10.5%）。其中临床护理业务受疫情影响较大，实现收入 18.6 亿元（-10.4%）。2）药品包装业务收入 7.6 亿元（+22.1%），分部利润 2.7 亿元（+16.8%）；预充式注射器与冲管注射器有望持续扩张产能，保持高增长势头。3）血液管理收入2.5 亿元（+20.7%），分部利润 0.35 亿元（+30.9%）。各地集采已于 19年开始陆续进行，公司凭借丰富产品组合和强大研发实力积极应对并配合各地集采，也加快布局高附加值产品，我们认为集采短期内对部分品种带来波动影响，但长期看头部企业有望凭借供应能力、临床服务能力扩大市场份额。
◆受益行业高景气度，骨科业务快速增长。骨科业务实现收入 8.3 亿元（+21.8%），分部利润 2.7 亿元（+11.7%）。公司是国内骨科产品全类别厂家，受益进口替代、老龄化加速、政策利好，骨科行业景气度较高，公司稳固脊柱领域市场领导地位、加大关节产品市场推广力度、改进创伤业务销售管理，各产品类别均实现快速增长，疫情短期影响部分择期手术延后，但需求仍然存在，预计骨科 20 年仍有望维持快速增长。
◆介入业务持续扩张。介入耗材实现收入 7.8 亿元（-3.7%），爱琅中国市场将成为未来主要增长领域之一，20H2 爱琅中国积极构建销售网络，国内产品形成销售后将有力推动介入类耗材增长，有望带来盈利弹性。此外，公司成功收购位于英国的经销商，加快布局欧洲市场。爱琅主要供应链位于美国，疫情期间，公司开发数字营销系统积极进行线上推广，以尽量减少疫情影响。
◆维持“买入”评级。公司是国内医疗器械龙头，产品组合丰富，综合考 虑疫情影响、集采影响、债务置换带来的财务费用节省，略下调 20~22 年EPS 为 0.46/0.55/0.64 元，同比增长 8.3%/18.6%/17.3%，对应 P/E 为34/29/25x，维持“买入”评级。
◆风险提示。高值耗材降价压力、低值耗材增长乏力、海外业务经营风险。
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