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《大行报告》瑞信上调微创医疗(00853.HK)目标价至40元 评级「跑输大市」
阿思达克 04-07 10:19
瑞信发表的研究报告指,微创医疗(00853.HK)去年净亏损与早前盈警一致,而本地心血管及骨科业务一如预期受到集体采购的压力。该行将公司2021/22财年净利预测降1.15亿及7,900万美元,以反映疫情及集体采购带来的影响,将目标价由30元升至40元,维持「跑输大市」评级,认为集体采购短期仍会带来拖累。

该行指出公司去年下半年收入按年跌14.7%至3.42亿美元,期内国际销售继续受到疫情影响,特别是海外骨科及心律管理业务,而本地的集体采购政策亦为心血管分部带来影响。去年下半年集团经调整净亏损扩阔至1.26亿美元,主要是受经营开支增长拖累。不过公司现金水平健康,主要受惠外部融资活动及配股。

而去年下半年公司毛利率收窄6.6个百分点,主要是受集体采购方面政策拖累,期内研发开支占销售增加14.2个百分点,主要因为公司继续研发投资。该行认为公司是少数在内地医疗设备市场具领导地位的公司,相信具中长期潜力及短期风险。(el/u) ~

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