威高股份(01066.HK)2020年半年報點評：業績符合預期，骨科與藥包業務表現靚麗，維持“買入”評級
機構：光大證券
◆疫情影響下穩健經營。20H1 公司實現收入 50.9 億元（+3.0%），歸母淨利潤 9.7 億元（+3.5%），符合市場預期。毛利率下降 5.7pp 至 57.8%，主要是高附加值產品受疫情影響銷售有所下降所致，此外公司費用管控成效顯著，銷售和管理費用率分別下降 3.8pp/1.4pp 至 23.1%/8.3%。
◆臨牀護理板塊受疫情影響較大，藥品包裝板塊表現出色。1）醫療器械業務收入 24.5 億元（-5.8%），分部利潤 5.2 億元（-10.5%）。其中臨牀護理業務受疫情影響較大，實現收入 18.6 億元（-10.4%）。2）藥品包裝業務收入 7.6 億元（+22.1%），分部利潤 2.7 億元（+16.8%）；預充式注射器與衝管注射器有望持續擴張產能，保持高增長勢頭。3）血液管理收入2.5 億元（+20.7%），分部利潤 0.35 億元（+30.9%）。各地集採已於 19年開始陸續進行，公司憑藉豐富產品組合和強大研發實力積極應對並配合各地集採，也加快佈局高附加值產品，我們認為集採短期內對部分品種帶來波動影響，但長期看頭部企業有望憑藉供應能力、臨牀服務能力擴大市場份額。
◆受益行業高景氣度，骨科業務快速增長。骨科業務實現收入 8.3 億元（+21.8%），分部利潤 2.7 億元（+11.7%）。公司是國內骨科產品全類別廠家，受益進口替代、老齡化加速、政策利好，骨科行業景氣度較高，公司穩固脊柱領域市場領導地位、加大關節產品市場推廣力度、改進創傷業務銷售管理，各產品類別均實現快速增長，疫情短期影響部分擇期手術延後，但需求仍然存在，預計骨科 20 年仍有望維持快速增長。
◆介入業務持續擴張。介入耗材實現收入 7.8 億元（-3.7%），愛琅中國市場將成為未來主要增長領域之一，20H2 愛琅中國積極構建銷售網絡，國內產品形成銷售後將有力推動介入類耗材增長，有望帶來盈利彈性。此外，公司成功收購位於英國的經銷商，加快佈局歐洲市場。愛琅主要供應鏈位於美國，疫情期間，公司開發數字營銷系統積極進行線上推廣，以儘量減少疫情影響。
◆維持“買入”評級。公司是國內醫療器械龍頭，產品組合豐富，綜合考 慮疫情影響、集採影響、債務置換帶來的財務費用節省，略下調 20~22 年EPS 為 0.46/0.55/0.64 元，同比增長 8.3%/18.6%/17.3%，對應 P/E 為34/29/25x，維持“買入”評級。
◆風險提示。高值耗材降價壓力、低值耗材增長乏力、海外業務經營風險。
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