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瑞信:市場對新一輪集中採購反應過度 看好啟明醫療(2500.HK)
格隆匯 11-26 13:34

中國國家醫療保障局日前公佈第二輪醫療器材集中採購名單,包括6種高價值醫療器材產品。

瑞信發表研究報告指,認為名單早於預期公佈,不過亦指市場對此過度反應。該6種器材早前已納入集中採購先導計劃,且早已納入需受重組的醫療器材名單。不過最令該行驚訝的是,局方早於第二輪名單公佈前,首先公佈心臟支架採購名單,並削價多於9成。 該行並不預期第二輪採購名單會涵蓋全部6種醫療器材,同時亦預期至明年第4季才會實行該採購名單。

該行估計名單分別影響威高(1066.HK)、微創醫療(0853.HK)、啟明醫療(2500.HK)最差情況下,收入分別少於4%、1%、0%。尤其是對啟明醫療持正面態度,由於公司主營創新器材,其產品並不包括在名單之中,政策不會影響公司短期收入,長遠受集中採購影響風險減少,目標價82港元,評級為跑贏大市。

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