《大行報告》里昂下調錦欣生殖(01951.HK)目標價至9元 評級「買入」
里昂發表研究報告指出,錦欣生殖(01951.HK)去年收入按年增長28.9%至18.39億元人民幣,較該行預期高2.7%。毛利率由2020年的39.7%,增至2021年的42%。純利升35.1%至3.4億元,低過該行預期11%,主要由於營運及財務成本上升。
該行認為,錦欣生殖由試管嬰兒到完全生殖的生命週期服務已開始實現更多的協同效應,VIP升級計劃和活躍的併購活動將繼續推動核心業務增長。該行將錦欣生殖的2022及2023年盈利預測下調1.9%及4.6%,以反映內地疫情惡化的短期影響,目標價由12.3元降至9元,維持「買入」評級。
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