康德萊醫械(01501.HK)：新產品接力上市，業績持續高增長可期
機構：興業證券
投資要點
事件：（1）2020 年上半年實現營業收入 1.72 億元人民幣（下同），同比增長27.2%；歸母淨利潤 0.67 億元，同比增長 42.6%。（2）公司的關節鏡用腕管鬆解手術器械近日獲上海市藥品監督管理局註冊批准上市。（3）公司將根據股份激勵計劃向董事會主席、執行董事兼總經理樑棟科博士和寧波瑛泰分別發行 250 萬股獎勵股份。
疫情影響短期業績，限制因素已基本消除：受疫情影響，一季度國內非急診手術量下滑較多，導致公司的介入器械和醫療標準件銷售減少，4、5 月起其銷售隨着疫情的控制陸續恢復。整體來看，上半年公司介入器械和醫療標準件銷售收入同比分別減少 5.2%和 17.4%。同時，公司於 2019 年下半年新獲批的 4 款心內介入器械（球囊導管、微導絲、微導管、指引導管）上半年進院的進程也因疫情影響而延緩，對業績貢獻有限。然而，上半年公司新增的口罩業務（海外銷售）帶來了 4300 多萬元的銷售收入，較好地對衝了疫情對公司其他業務的短期影響，從而整體營業收入和淨利潤仍保持了較高的增速。
多款產品有望接力上市保障業績增長，股權激勵彰顯信心：國內疫情已得到較好地控制，公司的球囊導管、微導絲、微導管、指引導管 4 款新產品的進院工作也在穩步推進。若後續國內疫情不出現反覆，這幾款新產品有望明年放量，貢獻較多收入。在研產品方面，（1）神經介入領域：神經微導絲、神經微導管、支撐導管等產品預計今年年底或明年年初獲批；（2）外周介入領域：輸卵管導管套件已於 7 月獲得註冊證，以及本次新獲批的關節鏡用腕管鬆解手術器械，這兩款產品明年將產生收入。可降解鼻竇支架預計今年年底前完成受試者的臨牀入組。整體來看，近一兩年公司有較多新產品接連上市，驅動業績高增長。此外，本次股權激勵解鎖考核期為 2020-2022 年三個會計年度，解鎖條件為以 2019 年度歸母淨利潤為基準，2020-2022 年歸母淨利潤增速分別不低於 20%、40%和 60%，彰顯公司對未來幾年業績增長的信心。
我們的觀點：上半年國內疫情對公司核心介入器械業務的開展產生了較大影響，包括新產品進院速度延緩等。國內疫情控制後，公司產品的銷售得到較快的恢復，產品進院工作也積極推進，疊加外周介入、神經介入等領域新產品的接連上市，未來幾年公司業績有望維持較高的增長，建議積極關注。
風險提示：全球疫情影響超預期，新產品研發進度低於預期，器械集採降價幅度超預期。
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