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《大行報告》瑞信下調心通醫療-B(02160.HK)目標價至15元 評級「跑贏大市」
阿思達克 09-03 09:52
瑞信發表報告指心通醫療(02160.HK)上半年收入按年增長121.8%,達8,600萬元人民幣,低於該行預期。管理層將2021財年TAVR(經導管主動瓣膜置換術)產品銷售量指引下調至約3,000台。 該行對TAVR的藥品集中採購(GPO)風險進行了模擬,認為可能會在3至5年內提前發生,目前假設TAVR在2024年降價30%,因為教育部門政策變化後,市場變得更加謹慎,並重新評估了具有政策風險的部門。 瑞信將2021財年、2022財年和2023財年的每股盈利預測分別削減68%、103%、46%。長遠而言,將藥品集中採購(GPO)風險考慮在內。目標價由21元下調至15元。由於仍然看好商業升級和TMV或TTVR機會,維持「跑贏大市」評級。
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