《大行報告》花旗首予貝康醫療-B(02170.HK)「買入」評級看40元 受惠內地輔助生育市場擴張
花旗發表研究報告,首予貝康醫療-B(02170.HK)「買入」評級,目標價40元。報告稱,公司為內地輔助生育基因測試解決方案已建立創新平台,擁有首家及唯一獲國家藥品監督管理局(NMPA)許可第三代體外人工受孕(IVF)基因測試套裝(PGT-A)。
報告稱,公司覆蓋內地80家IVF醫院/中心的其中42家。內地胚胎植入前遺傳學檢測(PGT)在2024年規模料擴至120億元人民幣,2019至2024年間年均複合增長料61%。IVF程序PGT滲透率在2018年僅3.5%,在2024年料擴至18.4%。作為PGT市場先行者,該行料貝康醫療受惠板塊增長強勁。
花旗稱,PGT市場入行門檻高,有利貝康醫療維持行業領導地位。另其具綜合產品線,覆蓋整個生育流程。報告稱,公司面對的潛在競爭及集中採購壓力有限。現時IVF服務是不可報銷,價值約3萬至5萬元人民幣,公司作為唯一商業化基因測試套裝供應商,完全由用家支付,以及未來數年料不會面對集中採購安排,花旗因此相信公司具強勁定價能力。
報告料貝康醫療今年虧損800萬元人民幣,明年扭虧轉賺1.04億元人民幣,2023年純利料擴至2.77億元人民幣。
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