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《大行報告》匯豐研究首予海吉亞醫療(06078.HK)「買入」評級 目標價78元
阿思達克 03-28 10:24
匯豐研究發表研究報告,首予海吉亞醫療(06078.HK)「買入」評級,目標價78元。報告指,公司是內地領先腫瘤科護理服務商,專注需求未被滿足的低線城市。中國癌症發生及死亡率屬全球最高,且仍在上升,加上內地醫院放射治療未被充份使用,料市場會越來越大;而內地監管令有較高效率的私營醫院如海吉亞有力擴大市佔。 報告稱,海吉亞規模已龐大,但準備好進一步擴張。海吉亞在6個省份經營或管理12家網絡腫瘤專科醫院,料其領導地位可持續,因它有能力令醫院在3至9個月內收支平衡,遠快過平均需時三年;它向新醫院提供成本管理系統、供應鏈及有經驗醫院管理團隊;它完全受國家醫保覆蓋,並受惠於保險成本控制。 匯豐研究相信海吉亞醫療收入在2022至2024年間年均複合增長達30%,並認為市場未充份認識公司增長可見度及持續性。現估值相當於預測今年市盈率42倍,低於歷史均值,並較公司上市時低出13%。該行料2022至2024年每股盈利年均複合增長達28%,料今年股本回報率14%高於均值。該行料海吉亞2023至25年各年每股盈測分別1.23元、1.6元及2.08元人民幣。
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