摩根士丹利发布研报称，继续预测威高未来三年销售额年增长率为4%，相对于公司2024年5%至10%的销售额增长指引略为保守。同时将2024年每股盈利预测上调1.2%，将2025年和2026年每股盈利预测分别下调0.9%和3%，换算为该三年利润年复合增长率达3%。考虑到不确定的监管背景，将加权平均资本成本假设从10.5%调高至11%。目标价由5.5港元调低至5.1港元，评级“与大市同步”。Weigao Group (01066) fell more than 8% in early trading, down 6.35% as of the time of publication, at HKD 4.13, with a turnover of HKD 14.4557 million.
According to the Zhitong Finance APP, Weigao Group (01066) fell more than 8% in early trading, down 6.35% as of the time of publication, at HKD 4.13, with a turnover of HKD 14.4557 million.
UBS Group released a research report stating that Weigao's revenue for the first half of the year was RMB 6.64 billion, a year-on-year decrease of 3.8%, lower than the bank's and market's expectations; net income was RMB 1.11 billion, a year-on-year decrease of 7.5%, also lower than the bank's and market's expectations. UBS has lowered Weigao's earnings forecast for 2024 to 2026 by 4%, 7%, and 9% respectively, to reflect lower revenue forecasts for medical instruments, intervention products, and blood management; higher gross margin; higher R&D and administrative expense ratio; and lower sales expense ratio. The bank has lowered its target price from RMB 7.7 down to RMB 7, while maintaining a "buy" rating.
Morgan Stanley published a research report stating that it continues to forecast a 4% annual sales growth rate for Weigao in the next three years, which is slightly conservative compared to the company's sales growth guidance of 5% to 10% for 2024. At the same time, the earnings forecast for 2024 has been raised by 1.2%, while the earnings forecast for 2025 and 2026 has been lowered by 0.9% and 3% respectively, resulting in a three-year compound annual growth rate of 3%. Considering the uncertain regulatory environment, the weighted average cost of capital assumption has been raised from 10.5% to 11%. The target price has been lowered from HKD 5.5 to HKD 5.1, with a rating of "in line with the market".
