《大行报告》花旗首予贝康医疗-B(02170.HK)「买入」评级看40元 受惠内地辅助生育市场扩张
花旗发表研究报告,首予贝康医疗-B(02170.HK)「买入」评级,目标价40元。报告称,公司为内地辅助生育基因测试解决方案已建立创新平台,拥有首家及唯一获国家药品监督管理局(NMPA)许可第三代体外人工受孕(IVF)基因测试套装(PGT-A)。
报告称,公司覆盖内地80家IVF医院/中心的其中42家。内地胚胎植入前遗传学检测(PGT)在2024年规模料扩至120亿元人民币,2019至2024年间年均复合增长料61%。IVF程序PGT渗透率在2018年仅3.5%,在2024年料扩至18.4%。作为PGT市场先行者,该行料贝康医疗受惠板块增长强劲。
花旗称,PGT市场入行门槛高,有利贝康医疗维持行业领导地位。另其具综合产品线,覆盖整个生育流程。报告称,公司面对的潜在竞争及集中采购压力有限。现时IVF服务是不可报销,价值约3万至5万元人民币,公司作为唯一商业化基因测试套装供应商,完全由用家支付,以及未来数年料不会面对集中采购安排,花旗因此相信公司具强劲定价能力。
报告料贝康医疗今年亏损800万元人民币,明年扭亏转赚1.04亿元人民币,2023年纯利料扩至2.77亿元人民币。
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