《大行報告》瑞信下調啟明醫療-B(02500.HK)目標價至75元 評級「跑贏大市」
瑞信發表研究報告指,啟明醫療(02500.HK)上半年收入按年增長134.5%,惟僅達該行全年預測的約35%,主要由於VenusA-Plus發行價格較瑞信預期為低所致。
受經營開支持續增加所拖累,上半年公司淨虧損擴大至7,330萬元人民幣。期內毛利率亦按年跌4.8個百分點,是由於在發行新產品後VenusA-Valve的價格有所調整,惟管理層相信隨著VenusA-Plus貢獻提升毛利率將有所恢復。
該行指出,近期投資者對經導管心臟瓣膜置換術(TAVR)市場態度變得更為審慎,指出集中採購等政策風險或未完全反映在股價之上,預測TAVR產品可能會更早被納入集中採購名單,預測2024年價格可能下降30%,將全球VenusA系列產品2029年峰值銷售預測由50億元人民幣下調至35億元人民幣。
瑞信將其2021至2023年每股盈利預測下調150%、64%及45%,以反映經營開支增加,目標價由100元降至75元,維持「跑贏大市」評級。
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