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《大行報告》美銀證券下調時代天使(06699.HK)目標價至192元 評級「買入」
阿思達克 03-29 10:05
美銀證券下調時代天使(06699.HK)目標價,由484.7元降至192元,評級「買入」。 美銀證券指,在業績報告後的電話會議上,管理層提供了今年出貨量增長20%的指引,和今年的收入增長將略低於20%,遠低於該行之前預期的32%。管理層指,鑑於透明矯正器的性質是個人需求而不是基本醫療需求以及先進技術的特點,其藥品集中採購的可能性比較低。即使發生,公司面向年底一代的產品COMFOS也能從數量增加中受益,而且公司對公共機構的輕度依賴將規避這種風險。 報告指,鑑於公司的指引較弱,將2022至2024年的銷售預測分別降低2%、5%、7%。考慮到公司對低線城市的進一步滲透和營銷,預計毛利率的輕微下降趨勢將在未來幾年繼續。
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