《大行》招銀國際下調訊飛醫療科技(02506.HK)目標價及收入增長預測 B端業務見波動
招銀國際報告指,訊飛醫療科技(02506.HK)中期業績好壞參半,G端業務收入按年升87%至1.41億元人民幣,為該行全年預測的30.4%,超出歷史平均的約28%。B端業務收入按年跌10%至5,300萬元人民幣。整體收入按年升30%至2.99億元人民幣,經營效益改善,銷售及一般行政支出比率減少7.5個百分點,研發支出比例跌20.7個百分點,淨虧損率按年跌15.5個百分點至22%。
該行認為醫療人工智能行業仍處初步階段,需求波動或影響公司增長,但相信覆蓋G端、B端和C端需求的人工智能方案帶來多元化,部分抵銷個別板塊業務波動。該行基於B端業務上半年挑戰性,下調公司2024至2026年收入年複合增長率預測10個百分點至27.9%,目標價由166.69元下調至143.59元,目標2026年預測市銷率13倍,維持「買入」評級。
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