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郭思治: 沛嘉医疗(09996.HK)对准两大高增长产品 估值低可收集候收成
阿思达克 11-26 10:12
香港股票分析师协会副主席郭思治称,沛嘉医疗(09996.HK)最近导管更换主动脉瓣研发产品有新进展,TaurusOne已完成临床试验并递交注册申请,至於TaurusElite完成临床全部病人入组,预计近期也会递交注册申请。TAVR在手术中可针对高危及主动脉瓣严重收窄病症,以不适合以传统开胸手术的病人作为治疗对象,康复时间更短。神经介入手术医疗器械技术已商业化,透过覆盖400家以上医院布局,在产品及销售均领先同业。公司正研发的产品均拥有自主研发技术,利好日後产品技术提升。

随着人口年龄老化、临床优势及技术应用的拓展,预期2025年中国TAVR及神经介入领域中脑血管瘤血管内弹簧圈栓塞术器械和MT器械规模分别约为人民币63亿及67亿元,未来百亿级市场规模,说明发展空间庞大。

成立逾60年TAVR龙头爱德华兹(EW)於美上市,公司2020Q3全球TAVR销售上升6%,预期明年销售将回复双位数增长。EW年内股价自低价上升60%,7年股价上升近8倍,行业备受投资者青睐。龙头企业对行业景气举足轻重,相信沛嘉明年产品商业化,将有利盈收及估值提升。沛嘉暂为唯一涉足两大板块产品的上市公司,估值却较香港上市同类公司折让50%。从近期富达增持及大行给予目标价33.6港元可见,公司研发进度及前景可期。投资者如看好龙头企业预期、市场潜力、产品盈收表现,可趁近期调整积极部署作中长线投资。

(笔者为证监会持牌人)~

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