《大行報告》中金首予微泰醫療-B(02235.HK)「跑贏行業」評級 目標價38.13元
中金髮表研究報告,首予微泰醫療-B(02235.HK)「跑贏行業」評級,目標價38.13元,指其糖尿病管理醫療器材處於具規模及快速增長的市場。據灼識諮詢估算,胰島素泵及連續血糖監測器(CGM)去年全球市場規模56億及57億美元,料2030年規模擴至分別207億美元及365億美元,2020至2030年間年均複合增長料達14%及20.3%。中國胰島素泵及CGM市場規模料由去年1.3億及1.4億美元,擴至2030年的10億及26億美元,2020至2030年間年均複合增長料達23.3%及34%。
報告稱,微泰醫療是唯一一家公司全球商業化核心產品胰島素泵Equil及毋須校準CGM(AiDEX
G7)。據灼識諮詢資料,Equil是全球第二隻商業化半一次性胰島素泵,也是第一隻境內生產並獲中國及歐盟認可的胰島素泵。公司料明年上半年可獲美國FDA認可。另AiDEX G7是全球第二隻商業化實時毋須校準CGM,已獲中國及歐盟認可。該行料該兩產品依靠先行者優勢及優異表現可搶佔市場份額。
該行亦料微泰醫療市佔將擴大,認爲其有四大增長引擎,首先,無管Equil將逐步取替有管泵。其次,AiDEX具實時毋須校準功能,領先全球表現,在科技及成本上具獨特優勢。第三,該行料公司產能擴張可順利推進,以應對未來需求。第四,以雲端大數據爲基礎的糖尿病管理平臺,配合胰島素泵Equil及CGM產品AiDEX,可爲人工胰臟建立內循環數據系統。
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