【券商聚焦】交银国际下调锦欣生殖(01951)评级至中性指短期压力或将持续

金吾财讯

Aug 28

金吾财讯 | 交银国际研报指，锦欣生殖(01951)1H25收入下滑11%至12.9亿元，净亏损10.4亿元，毛利率亦显着下滑10ppts至30.4%。业绩下滑的主要原因有：1）计提约9.1亿元商誉及无形资产减值；剔除该减值及其他非经常性/非现金项目后，1H25经调整净利润为0.82亿元，同比仍下滑68%。2）中国内地机构收入-13%，短期影响包括辅助生殖纳入医保、深圳新大楼搬迁延迟、药耗零加成等。3）海外收入-1%，美国HRC经营利润下降0.41亿元，主要受到加州辅助生殖商保法案延后的影响。管理层后续改革计划包括：1）谋求美国业务重组和融资、停止老挝进一步投资，回笼资金后优化债务结构、降低财务费用，将适时进行股份回购和分红。2）聚焦内地关键业务，1Q26启动深圳新院区搬迁；预计云南和武汉的孵化院区短期内合计周期数将超5,000、盈利能力改善。此外，公司将战略性布局生育力保存业务。根据1H25业绩和管理层展望，该机构下调公司2025-27年收入/经调整净利润预测17-18%/约50%，下调目标价至3.30港元。该机构认为，长期公司行业龙头低位稳固，政策推动下现有业务+生育力保存长期增长逻辑清晰，但短期内公司业绩压力仍明显、利好生育政策预期已反映较充分、且当前估值合理，下调评级至中性。

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