【國泰君安國際】個股交易參考：先健科技(01302.HK)：核心產品優勢穩固 國際市場支撐長期利潤
投資建議：公司具有明顯的優勢產品，國際化戰略亦得到良好實施，加之身處高速發展的醫療器械行業，長期具有較大的利潤增長空間，建議投資者逢低買入。
先健科技(01302.HK)是國內心血管及外周血管疾病微創介入醫療器械的龍頭企業之一，擁有全球領先左心耳封堵器等產品，在海外市場亦擁有良好的產品接受度。未來其左心耳封堵器有望進一步擴大國際市場份額，外周血管業務規模有望繼續擴大，電生理業務也將帶來新的利潤增長點。
左心耳封堵器全球領先：公司擁有全球第一款中國自主品牌的左心耳封堵系統LAmbre，該產品的主要技術性能均可達國際先進水平。4月該系統於美國圖森醫療中心成功救治了一位82歲的高齡特殊大心耳患者，收到當地電視台的採訪報道，公司股價亦應聲上漲。此舉將為LAmbre打開美國市場奠定良好基礎，進一步提升公司在該領域的國際地位。
國際業務逐漸擴展：公司注重開發海外市場，2019年海外收入佔其總收入約25%。2020年該比重受疫情影響有所降低，但預計將於疫情緩和後迅速回升。公司多元化的市場戰略在集採背景下可有效規避未來產品大幅降價的風險，幫助公司在長期維持健康的利潤率。
電生理業務未來可期：公司為我國首家擁有達到國際技術及功能的植入式心臟起搏器完整產品組合的生產廠家。2020年植入量增長受疫情影響不及預期，但目前該產品的招標、入院等工作進展均較為順利，有望於未來三年快速放量。公司在此領域有一定先發優勢，且國產起搏器進口替代的市場潛力巨大，該產品有望於未來幾年成為公司重要的利潤增長點。
投資建議：公司具有明顯的優勢產品，國際化戰略亦得到良好實施，加之身處高速發展的醫療器械行業，長期具有較大的利潤增長空間，建議投資者逢低買入。
來源：國泰君安證券香港
原標題：【國泰君安國際】個股交易參考：先健科技(01302.HK)：核心產品優勢穩固 國際市場支撐長期利潤
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