摩根士丹利最新研报维持医疗设备制造商百特国际(NYSE:BAX)"减持"评级。该评级反映机构对该公司中长期增长前景持谨慎态度，主要考量因素包括主力产品面临专利悬崖风险、新兴市场竞争加剧及供应链成本压力。
本次评级延续了该行自2024年第三季度以来的看空立场。分析师指出，虽然百特国际在血液治疗领域保持技术优势，但人工肾脏耗材集采政策冲击尚未完全释放，叠加其欧洲生产基地重组带来的资本开支增加，可能对2025-2026财年利润率修复进程形成制约。
当前市场关注点聚焦于公司即将发布的二季度财报，特别是其肾脏护理业务在亚太地区的营收增速能否抵消北美市场波动。值得留意的是，百特国际近期完成对某生物制剂灌装技术企业的战略收购，该整合效果或成为未来评级调整的关键变量。
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