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瑞信:首予龐大肺部介入治療市場無競爭者玩家堃博醫療(2216.HK)“跑贏大市”評級 目標價上調94%至21.5港元
格隆匯 10-27 14:23

瑞信今日發研報定義:堃博醫療是龐大的肺部介入治療市場中為數不多的玩家,在中國和全球提供肺部疾病的創新解決方案。其中,在相當部分慢性阻塞性肺疾病(COPD)患者處於嚴重或極端嚴重階段的中國市場,依託全球唯一實時圖像引導的導航平台,堃博醫療(2216.HK)具有先發優勢。InterVapor是公司的核心產品,也是唯一通過熱蒸汽消融治療重症慢性阻塞性肺病(COPD)的產品,目前正在接受中國藥監局(NMPA)審查,預計將於2021年第四季度在中國獲批。

堃博醫療具有高度協同作用的附加產品組合,覆蓋肺部疾病的診斷和治療。公司產品組合包括除InterVapor外的其他四種肺部介入治療產品,包括RF-II及TLD等,RF-II是一種射頻消融設備,正在研究用於治療肺癌,其肺導航系統可以與InterVapor和RF-II配合使用,提供診斷和治療功能。在人民幣10億元以上的嚴重慢性阻塞性肺病中國市場,沒有真正的競爭。

瑞信預計,到2025財年,慢性阻塞性肺病市場將達到10億元人民幣,預計將有大約3萬名重症慢性阻塞性肺病患者可以接受消融治療。同時,堃博醫療聚焦的另一市場,肺癌治療也非常龐大。該行將近期公佈的2021年度第一季度財務數據考慮在內,考慮到公司近期較高的運營支出,予堃博醫療(2216.HK)“跑贏大市”評級及目標價從11.08港元大幅上調94%至21.5港元。從長遠來看,預計InterVapor將佔總營收的70%左右。使用多階段DCF估值法來推導公司估值,假設加權平均資本成本(WACC)為8.88%,持續增長率為3.0%。

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