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愛博醫療(688050)公司點評:創新眼科平台實力強勁 長期增長動力充足
格隆匯 08-18 00:00
業績簡評 2022 年8 月17 日,公司發佈2022 年中報,上半年實現營業收入2.73 億元,同比增長32%,實現歸母淨利潤1.23 億元,同比增長35%,實現扣非淨利潤1.12 億元,同比增長36%。 公司二季度實現營業收入1.42 億元,同比增長16%,實現歸母淨利潤0.64億元,同比增長16%,實現扣非淨利潤0.60 億元,同比增長18%。 經營分析 人工晶狀體快速增長,角塑持續放量。上半年,“普諾明”等系列人工晶狀體收入同比增長 15.10%,“普諾瞳”角膜塑形鏡收入同比增長 71.70%。第二季度局部地區疫情反覆,部分區域醫療機構白內障手術量下降,使得人工晶狀體增速階段性變緩,角膜塑形鏡受到疫情影響相對較小,仍保持了較高的增速。 期間費用率有所下降,盈利能力進一步提升。2022 年上半年公司毛利率85.23%(-0.57pct),淨利率44.18%(+0.11%),銷售費用率13.93%(-3.35pct),管理費用率10.66%(0.12pct)。 彩瞳系列產品已獲多個型號NMPA 註冊證。公司旗下天眼醫藥的彩瞳產品已經獲得多個型號的NMPA 註冊,天眼擁有國際領先的全自動化生產設備,採用全模壓制造工藝,目前具備年產4000 萬片彩瞳的生產能力,二期擴建完工後,將達到年產1.0 億片以上彩瞳的生產能力。 公司在近視防控領域不斷突破,離焦鏡有望成為新的增長點。離焦鏡片作為OK 鏡的重要補充,公司最新研發的普諾瞳微透鏡漸變離焦鏡有望逐步交貨,該產品有望成為公司在近視防控領域的新增長點。“普諾瞳-曦明” 多功能硬性接觸鏡護理液已取得三類《醫療器械註冊證》和生產許可證,正在進行市場推廣。 盈利調整與投資建議 考慮局部疫情反覆影響公司晶體銷售,我們下調2022 年淨利潤6%,預計2022-2024 年歸母淨利潤分別為2.31、3.11、4.13 億元,分別同比增長35%、35%、33%,對應EPS 分別為2.20/2.96/3.93 元。維持“增持”評級。 風險提示 人工晶狀體帶量採購風險;市場推廣不及預期;產品研發獲批不及預期。
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