《大行報告》瑞信上調微創醫療(00853.HK)目標價至40元 評級「跑輸大市」
瑞信發表的研究報告指,微創醫療(00853.HK)去年淨虧損與早前盈警一致,而本地心血管及骨科業務一如預期受到集體採購的壓力。該行將公司2021/22財年淨利預測降1.15億及7,900萬美元,以反映疫情及集體採購帶來的影響,將目標價由30元升至40元,維持「跑輸大市」評級,認為集體採購短期仍會帶來拖累。
該行指出公司去年下半年收入按年跌14.7%至3.42億美元,期內國際銷售繼續受到疫情影響,特別是海外骨科及心律管理業務,而本地的集體採購政策亦為心血管分部帶來影響。去年下半年集團經調整淨虧損擴闊至1.26億美元,主要是受經營開支增長拖累。不過公司現金水平健康,主要受惠外部融資活動及配股。
而去年下半年公司毛利率收窄6.6個百分點,主要是受集體採購方面政策拖累,期內研發開支佔銷售增加14.2個百分點,主要因為公司繼續研發投資。該行認為公司是少數在內地醫療設備市場具領導地位的公司,相信具中長期潛力及短期風險。(el/u) ~
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