《大行報告》中金首予愛康醫療(01789.HK)「跑贏行業」評級 目標價10.88元
中金發表報告,首予愛康醫療(01789.HK)「跑贏行業」評級,目標價10.88元,相當明年預測市盈率29.9倍。報告指,公司是內地領先人工關節生產商,擁有相對完整的產品組合,近年業務急速擴張,在2017至2020年間,收入由3.73億元人民幣(下同)升至10.4億元,意味年均複合增長達40.6%。隨著集中採購推展,前年收入下跌,但去年上半年在首輪集中採購後收入回復增長19%,該行料其將進入新增長階段。
報告指內地關節置入解決方案市場有龐大上行空間,2021年內地骨科及關節手術逾90萬宗,並維持每年15%的增長率;2020年關節板塊的本地化比率為47%。該行料中國關節集中採購將加快本地化進程,並有利龍頭企業擴大市佔。在集中採購後,2021年人工關節終端售價跌82%;中國企業在競標表現良好,料未來兩年經同意的採購量將保障龍頭公司的市佔。此外,愛康醫療在3D打印及產品覆蓋有助確保長期競爭力。
該行料愛康醫療在2022至2024年各年每股盈測分別17分、23分及30分人民幣,意味年均複合增長38.4%。
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