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《大行報告》高盛下調愛康醫療(01789.HK)目標價至14.6元 評級「買入」
阿思達克 07-26 10:05
高盛發表報告,將愛康醫療(01789.HK)2021年、2022年、2023年的盈利預測分別降低19%、2.4%、2.5%,以反映今年上半年渠道庫存減少的情況差過預期,並將目標價由14.91元略微下降至14.6元,每股盈利5年年均複合增長率預測保持23%不變,折現率亦保持9.6%不變,維持評級「買入」。

高盛指,雖然在之前的報告中已經強調由於分銷商在即將到來的帶量採購之前去庫存,上半年銷售可能會很疲軟,但公司發盈警料上半年收入及純利分別按年下降約10%和35%,表現低於該行預期,主要由於分銷商去庫存、期內較高的營銷費用和社保支付。高盛將今年銷售額預測降低11%,現時預測爲按年跌1.1%,以反映7月或8月渠道庫存的潛在進一步減少,以及帶量採購降價後在下半年的潛在庫存減值損失,但只對2022年及2023年的盈利估值作小幅修訂。

根據該行的行業渠道檢查,截至目前,可能會在7月底或8月初發布帶量採購分組細節和最高限價,然後在8月進行招標,認爲最新的招標A/B組機制對愛康醫療有利,因其極有可能成爲A組,惟價格不確定性仍然存在。

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