《大行報告》中信証券首予固生堂(02273.HK)「買入」評級看46元 民營中醫第一股受惠市場擴張
中信証券發表報告,首予固生堂(02273.HK)「買入」評級,以明年預測市盈率38倍為估值基礎,目標價46港元。報告指,2019年內地中醫診斷及治療服務市場規模2,920億元人民幣(下同),料屆2030年將擴大至1.84萬億元,意味2019至2030年間年均複合增長達18.2%。其中線上線下結合模式市場規模約700億元,料未來成為行業新趨勢。
近年來中醫藥行業鼓勵政策頻頻出台,旨在大力推動中醫藥人才培養、科技創新和藥品研發,充分發揮中醫藥在疾病預防、治療、康復中的獨特優勢,中醫藥產業已經發展成為內地醫療健康行業的重要組成部分。
中信証券表示,公司於2021年12月上市,成為民營中醫第一股。按2020年提供醫療健康解決方案產生的總收益,公司在中國的私營新中醫醫療健康服務提供商中處於領先地位。公司中醫師數量、線下醫療機構數量,及線下機構城市覆蓋數量均為行業第一。該行料固生堂在2021至2023年核心淨利潤分別為1.5億、2.25億及3.26億元。
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