《大行》交銀國際降錦欣生殖(01951.HK)評級至「中性」 目標價下調至3.3元
交銀國際發表研究報告指,錦欣生殖(01951.HK)上半年收入下滑11%至12.9億元人民幣(下同),淨虧損10.4億元,毛利率亦顯著下滑10個百分點至30.4%。剔除該減值及其他非經常性或非現金項目後,上半年經調整淨利潤約8,200萬元,按年下滑68%。
該行指,管理層後續改革計劃包括謀求美國業務重組和融資、停止老撾進一步投資,回籠資金後優化債務結構、降低財務費用,將適時進行股份回購和分紅。第二,聚焦內地關鍵業務,明年首季啟動深圳新院區搬遷;預計雲南和武漢的孵化院區短期內合計周期數將超5,000、盈利能力改善。此外,公司將戰略性佈局生育力保存業務。
該行表示,將公司在2025年至2027年收入預測下調17%至18%,經調整淨利潤預測則下調約50%,同時將其目標價下調至3.3元,考慮當前估值合理,其評級降至「中性」。
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