中信證券:錦欣生殖(1951.HK)2021年業績實現高增長,國際協同持續深化,維持“買入”評級
中信證券發研報稱,錦欣生殖(1951.HK)是我國最大的非國有輔助生殖機構,能夠提供全面、成熟的輔助生殖服務,目前在中美市場處於領先地位,維持其“買入”評級,予目標價12港元。公司2021年實現收入18.39億元,同比增28.9%;淨利潤達3.54億元,同比增35.8%。公司營收及利潤同步高增長,符合市場預期,彰顯後疫情時期輔助生殖行業需求剛性及公司優秀的經營管管理能力。後疫情時期經營快速恢復,各項費用指標穩中趨好。其中,成都網絡及深圳業務分別實現收益8.22/4.27億元,分別同比增加12.2%/42.4%;美國業務貢獻收益4.59億元,同比增21%。公司全年完成治療週期27354個,同比增長19.6%。
公司特需業務持續升級,強化長期核心競爭力,國內版圖業務進展多點開花。其中深圳中山醫院、成都西囡醫院集團特需服務分別達佔比達到4.2%和12%;專注男科生育全週期服務的錦欣愛囝醫院已於2021年12月試運營;公司武漢區域投後整合順利;而云南業務通過馬豔萍工作室加強醫聯體建設。另外,公司國際協同持續深化,粵港澳一體化值得待。2021年USC生殖中心完成交易以來合作持續深入,料USC Fertility的世界一流IVF研究、教育及醫師資源有望強化美國佈局的長期優勢;而去年收購的香港生育康健中心及香港輔助生育中未來有望於香港提供ARS及生育服務。
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