里昂:維持貝康醫療-B(2170.HK)買入評級,目標價36.4港元
格隆匯9月14日丨里昂發佈研報,維持對貝康醫療(2170.HK)買入評級,12個月目標價36.4港元,潛在升幅達165%。報吿稱,貝康醫療計劃加強銷售力度,於2021年底前實現PGT-A 1億元人民幣銷售目標;與曠博生物推出的精子檢測服務為中期策略;8月宣佈推行的安徽IVD集採並不包括PGT試劑。具體內容如下:
加強銷售力度,增加2022年下半年PGT-A銷售
貝康營收從2020年上半年的3220萬元人民幣增至2021年上半年的5020萬元人民幣,同比增長56.0%。其中包括非整倍體(PGT-A)胚胎植入前遺傳篩選試劑的1400萬人民幣銷售額及非侵入性產前檢測(NIPT)的1350萬元人民幣銷售額。其PGT-A已滲透到41家持牌醫院,當中2021年上半年新增了11家。其年底前實現PGT-A 1億元人民幣銷售目標不變。公司預計2021年底前將進駐50到60家醫院,並通過增強銷售力度以實現銷售目標。
中期戰略——向精子檢測領域擴展
公司於2021年8月宣佈和曠博生物開展戰略合作,主要擴大針對男性生殖的精子檢測服務。貝康對於將來於生殖健康行業的企業併購機會持開放態度,這可能為其業務創造協同作用。
安徽IVD集採不會帶來降價影響
安徽2021年8月19日發佈的《安徽省公立醫療機構臨牀檢驗試劑集中帶量採購談判議價公吿》,集採範圍重點為免疫分析,PGT試劑不包括在內。IVF技術降價風險很低。
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