《大行報告》瑞信上調威高股份(01066.HK)目標價至18元 評級「跑贏大市」
瑞信發表研究報告指,威高股份(01066.HK)去年收入及淨利潤均大致符合預期,去年下半年非急需手術量強勁復甦,令收入較上半年強勁增長23%,淨利亦按年增長16.7%。疫情對收入結構的持續影響以及藥品包裝利潤下降,令去年下半年毛利率按年下降5.9個百分點。
該行指,管理層提出未來增長戰略,包括不斷完善現有產品線,重點升級臨床護理領域的現有產品,並拓展骨科領域,增加脊柱、創傷和關節產品的產品供應,提高藥品包裝能力等;並計劃在泌尿科、麻醉及內分泌系統與血糖管理相關設備方面研發新產品,預計將在未來3至5年內通過內部研發及外部合作進入該三個領域。
報告指出,公司亦為今年訂立增長指引,預計收入按年增長18%至20%。瑞信認為增幅高於先前預計的15%,預期額外增長可能來自於藥品包裝製造能力的擴張,料細分市場增長率持續保持高位,上調目標價至18元 (原本17元),維持「跑贏大市」評級。
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