貝康醫療-B（2170.HK）：中金首次給予“跑贏大市”評級，目標價28.64港元
近日，中金公司首次覆蓋給予貝康醫療“跑贏大市”評級，目標價28.64港元。研報內容如下：
貝康醫療身處於具有極大增長潛能的新興市場。中國生殖遺傳學醫療器械市場於2015年的13億元增長至2019的年34億元，複合年增長率為28.4%，並預期與2024年達到112億元。隨着輔助生殖治療的需求上升、健康意識提升、技術驅動等，市場在未來將會保持高增長率持續加速。
貝康醫療擁有全方面產品的領先創新平台。貝康醫療是一個領先的輔助生殖平台，其產品包含了整個生殖週期的三個階段：植入前、產前和產後。除試劑盒外，貝康醫療還開發了基因檢測設備及儀器。其PGT-A試劑盒為NMPA唯一獲批的三代試管嬰兒基因檢測試劑盒，可用於非整倍體檢測。PGT-A能把試管嬰兒成功率提高到72%，並把流產率降低到6.9%。同時預期公司另外兩款在研產品PGT-M和PGT-SR試劑盒將於2022年和2024年獲批上市，進一步鞏固了貝康醫療在中國三代試管嬰兒基因檢測試劑盒市場的主導地位。
貝康醫療擁有行業領先實驗室及臨牀支持設備，並提供開創性解決方案。絕大多數試管嬰兒服務屬於公立醫院系統的一部分，對新設備及技術的投資受到限制。並且公立醫院還傾向於傳統的人工操作，對先進技術（如三代試管嬰兒技術）瞭解較少。貝康醫療根據客户的個性化需求提供一站式的定製化綜合解決方案，更好的服務中國的生殖疾病患者。
綜上所述，中金公司首予貝康醫療“跑贏大市”評級，目標價為28.64港元。由於貝康醫療的主要收入來源於生殖遺傳學醫療器械，中金公司對新興的生殖遺傳學醫療器械市場的收入持樂觀態度，並且預計貝康醫療2021年至2022年的EPS分別為-0.03元和0.17元。根據DCF估值法，預計貝康醫療公允價值為78.3億港元，其目標價28.64港元，對應44.21%上行空間。
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