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《大行報告》匯豐研究上調昊海生物科技(06826.HK)目標價至99元 評級「買入」
阿思達克 05-31 10:42
匯豐研究發表報告,料昊海生物科技(06826.HK)今年迎來強勁復甦,2020至2023年收入與純利年複合增長率料分別達25%及38%,認為受惠其眼科產品帶動。在收購Juva後,在持續整合醫美2B及2C銷售渠道下,料市務推廣迎來潛在協同效應。不過其目前估值相當於明年預測市盈率19倍,對比醫療儀器同期的35倍,認為昊海生物在眼科的領導地位及與Juva的協同效應尚未被市場完全認識。

該行表示,公司在醫美市場方面很好的定位,且正擴大其產品線,包括3款不同定價的玻尿酸產品、收購Juva與投資Eirion後,公司亦進入設備與肉毒桿菌素業務。

匯豐下調昊海生物今年收入及純利預測31%及45%,以反映疫情對公司的負面影響;並修改估值計算方法,由市盈率改為現金流折現率為基礎,以更好反映公司長遠增長潛力。該行維持對昊海生物「買入」評級,目標價由57.8元升至99元,相當於明年預測市盈率30倍。

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