郭思治: 沛嘉醫療(09996.HK)對準兩大高增長產品 估值低可收集候收成
香港股票分析師協會副主席郭思治稱,沛嘉醫療(09996.HK)最近導管更換主動脈瓣研發產品有新進展,TaurusOne已完成臨床試驗並遞交註冊申請,至於TaurusElite完成臨床全部病人入組,預計近期也會遞交註冊申請。TAVR在手術中可針對高危及主動脈瓣嚴重收窄病症,以不適合以傳統開胸手術的病人作為治療對象,康復時間更短。神經介入手術醫療器械技術已商業化,透過覆蓋400家以上醫院佈局,在產品及銷售均領先同業。公司正研發的產品均擁有自主研發技術,利好日後產品技術提升。
隨著人口年齡老化、臨床優勢及技術應用的拓展,預期2025年中國TAVR及神經介入領域中腦血管瘤血管內彈簧圈栓塞術器械和MT器械規模分別約為人民幣63億及67億元,未來百億級市場規模,說明發展空間龐大。
成立逾60年TAVR龍頭愛德華茲(EW)於美上市,公司2020Q3全球TAVR銷售上升6%,預期明年銷售將回復雙位數增長。EW年內股價自低價上升60%,7年股價上升近8倍,行業備受投資者青睞。龍頭企業對行業景氣舉足輕重,相信沛嘉明年產品商業化,將有利盈收及估值提升。沛嘉暫為唯一涉足兩大板塊產品的上市公司,估值卻較香港上市同類公司折讓50%。從近期富達增持及大行給予目標價33.6港元可見,公司研發進度及前景可期。投資者如看好龍頭企業預期、市場潛力、產品盈收表現,可趁近期調整積極部署作中長線投資。
(筆者為證監會持牌人)~
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