20230618-华创证券-锦欣生殖-01951.HK-跟踪分析报告_辅助生殖技术纳入医保_行业渗透率有望提升_5页_682kb.pdf

2009 1210 2023 06 18 01951.HK 7.1 4.62 2023 6 15 16 7 1 16 16 16 1 2 2022 2 2004 Assisted Reproductive Technology ART 2022 4 2008-2019 ART 2.2 6 2%7%100 30 2.8%2021 1062 1 22 9 2 IVF VIP 1 HRC 2 2023 23-25 29.63 36.79 45.27 29.63 36.33 43.87 24.5%24.2%23.0%3.92 4.91 6.10 3.92 4.67 5.31 223.4%25.3%24.2%2023-2025 5.04 6.31 7.90 83.8%25.3%25.2%2023 35x PE 193 7.10 ReportFinancialIndex 2022A 2023E 2024E 2025E()2,379 2,963 3,679 4,527(%)28.4%24.5%24.2%23.0%()121 392 491 610(%)-64.4%223.4%25.3%24.2%()0.05 0.14 0.18 0.22()87.5 29.3 23.3 18.8()1.2 1.3 1.2 1.1 2023 6 16 S0360520110002 010-66500910 S0360522090003()272091()272091()126()126(%)42.65%()3.43 12/8.28/3.55(12)01951.HK 2022 23 2023-05-10 01951.HK 2022 2022-09-08 01951.HK 2021 2022-04-07-50%-30%-10%10%30%50%01951.HK 2009 1210 2 Table_ValuationModels2 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 1,330 691 924 931 2,379 2,963 3,679 4,527 420 633 607 907 2,364 2,945 3,658 4,502 63 68 91 109 15 18 21 26 91 104 98 100 2,121 2,469 3,053 3,739 1,904 1,496 1,720 2,047 1,490 1,767 2,187 2,683 2,530 3,235 3,872 4,463 630 702 866 1,056 25 66 30 40 259 494 626 788 135 171 225 177 44-10-4 4 8,101 7,737 7,511 7,285-4-5-6-5 171 556 963 1,317 9 22 15 15 2,366 2,366 2,368 2,368 220 521 638 794 13,328 14,131 14,969 15,650-66-14-2-6 15,232 15,627 16,689 17,697 154 507 636 788 237 271 335 416 36 120 150 184 1,655 1,655 1,655 1,655-3-4-5-6 872 1,105 1,481 1,695 121 391 491 610 2,764 3,031 3,471 3,766 0 0 0 0 2,171 2,271 2,321 2,361 121 392 491 610 1,562 1,202 1,287 1,358 0 0 0 0 3,733 3,473 3,608 3,719 121 392 491 610 6,497 6,504 7,079 7,485 EPS 0.05 0.14 0.18 0.22 8,640 9,032 9,523 10,132 95 91 87 80 8,735 9,123 9,610 10,212 2022 2023E 2024E 2025E 15,232 15,627 16,689 17,697 28.4%24.5%24.2%23.0%:-64.4%223.4%25.3%24.2%2022 2023E 2024E 2025E 542 2228 2769 2489 37.0%40.0%40.2%40.4%121 392 491 610 5.1%13.3%13.4%13.5%261 1877 1893 1947 ROE 1.4%4.4%5.3%6.2%124-9 403-57 ROA 0.9%2.5%3.0%3.5%36-31-18-11-1378-512-510-591 42.7%41.6%42.4%42.3%-959-435-491-629 0.7 0.5 0.5 0.5 210-77-19 38 0.7 0.5 0.5 0.5-109 0 0 0/()-520 0 0 0 0.05 0.14 0.18 0.22 460-2355-2026-1891 0.20 0.82 1.02 0.91 2169 100 50 40 3.43 3.32 3.50 3.72 0-35-55-86 0 0 0 0 P/E 87.5 29.3 23.3 18.8-1709-2420-2021-1845 P/B 1.2 1.3 1.2 1.1 Table_ValuationModels2 01951.HK 2009 1210 3 2020 2020 2020 2020 2020 2020 2020 2023 2021 2022 2022 2022 2023 01951.HK 2009 1210 4 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-83024576 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 01951.HK 2009 1210 5 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522