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招銀國際:錦欣生殖(1951.HK)2020年下半年業務大幅反彈 上調目標價至19.55港元 維持“買入”評級
格隆匯 03-30 11:50

招銀國際發研報指,受益於高效運營,錦欣生殖(1951.HK)的業務在2020財年下半年大幅反彈,其來自成都、深圳和美國的收入分別環比增長了21.5%、49.1%及36.1%。公司在美國本土的業務快速恢復,2020年本土週期數從2019年的2283同比增長5.1%至2020年的2400,體現了公司在新冠疫情大流行期間的卓越的運營能力。隨着疫情逐步緩解,該行預計錦欣生殖在中國和海外的業務將在2021年及以後繼續反彈。

招銀國際指出,錦欣生殖VIP服務強勁增長,在成都,公司VIP體外受精治療週期佔總週期的10.8%(2019年為5.8%),同比增長50.3%。在深圳,從2021年1月起,錦欣生殖VIP服務從只提供迷你VIP服務升級為綜合VIP服務。該行預計,VIP服務的快速滲透將有助於提高公司的利潤率。 

此外,招銀國際認為併購是公司長期的增長動力,通過併購,錦欣生殖的足跡已從成都擴展到深圳、美國、老撾和武漢。在中國,憑藉公司優秀的運營經驗、雄厚的技術力量、良好的品牌知名度和充足的現金儲備,該行相信公司將繼續在覆蓋當地省份及其周邊地區的半線城市探索併購機會,預計錦欣生殖每年至少會在中國完成一筆收購交易,並預計公司在美國將僱傭更多的醫生、收購生育診所,以進一步擴大市場份額。

招銀國際將錦欣生殖的目標價由15.51港元上調至19.55港元,維持“買入”評級。截至目前,錦欣生殖報16.78港元大漲6.47%,最新總市值421億港元。

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