《大行报告》花旗升微创医疗(00853.HK)评级至「买入」 上调目标价至66元
花旗发表研报指,微创医疗(00853.HK)去年度收入按年下跌18%,期内盈转亏,录得净亏损1.91亿美元,对比2019年度净利为4,600万美元;毛利率亦由2019年的71.1%下降至67.2%。
期内心血管介入产品业务收入按年下跌45%,公司解释主要受疫情及集中采购政策调整价格所影响。去年骨科医疗器械业务中国地区收入增长10%,中国以外收入则下跌17%,管理层预期该业务今年复苏,目标收入增幅分别达到25%至30%及40%至45%。
管理层预期,今年总收入可反弹,恢复到约20%至25%的增长。该行对公司长期发展及成本优势维持正面看法,有信心微创心通(02160.HK)分拆上市後可成为中国市场领先企业,相信公司接下来将分拆其他业务以释放更多价值,将其评级由「中性/高风险」升至「买入/高风险」,目标价由34.96元上调至66元。
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