《大行報告》高盛上調諾輝健康-B(06606.HK)目標價至57.7元 評級「買入」
高盛發表研究報告指,諾輝健康-B(06606.HK)去年全年業績符合早前盈警公告,去年下半年經調整淨利潤達到170萬元人民幣,成功扭虧為盈,主要來自於醫院銷售渠道佔比提升推動毛利率增長,以及研發及行政支出下降。
公司預期今年經營效率將進一步提升,毛利率預期達到85%,銷售開支比介乎60%至65%,而行政費用佔比則降至10%至12%,目標今年下半年可實現收支平衡。高盛指出,管理層有信心實現今年收入達14億至15億元人民幣的指引,認為在醫院銷售渠道方面成績令人鼓舞,相信有助於推動銷售長期可持續增長。
基於去年業績表現,高盛將其今明兩年銷售額預測上調3%及1%,並將2023至2025年盈利預測上調62%、21%及30%,以反映產品平均售價提升及銷售渠道組合優化推動毛利率增長,以及管理和研發費用比率降低所帶來的營運效率提升,目標價從55.9元上調至57.7元,評級「買入」。
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