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分析师 建议 目标股价 上升/下降(%)
总市值(十亿/十亿美元) 日均成交额(百万美元) 收盘 52周最高/最低()
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绝对回报 (%) (3.68) (4.96) (12.29) (4.03) 50.96 87.57 0 68.09
绝对回报 (美元, %) (3.68) (4.96) (12.29) (4.03) N.A. 89.76 N.A. 68.99
相对于 HSI 回报 (%) (1.86) (0.73) (3.52) 1.90 N.A. 98.88 7.41 85.40
威高股份(1066 HK) 在改革整顿后的新时代 - 9月 18, 2018 (9 页)  
8月8日,威高已完成为其26亿非上市股份以H股全流通形式在港交所上市。我们维持对其现时H股机构投资者在股份被摊薄后提高其威高的持股量的观点。公司还于8月29日公布了其18上半年核心利润为人民币7.62亿元(同比增长17%),占我们18财年的59.6%(17上半年:51.7%),而Argon(爱琅)的盈利为人民币2,600万元。尽管我们18财年至20财年的盈利预测分别提升了14%/18%/10%,但我们的目标价微降至每股8.95港元,基于(1)那些分部以更大WACC假设令其现金流折现估值下跌, 及(2)更多净债务。

威高股份(1066 HK) 踏上股份改革之路 - 7月 23, 2018 (9 页)  

Shandong Weigao (1066 HK) Eyes on Argon as the new driver - 4月 23, 2018 (9 页)  
Shandong Weigao had completed its acquisition of Argon Medical Devices in US on 24 Jan 2018. In 2018, we see Weigao sales from consumables/ orthopaedic and total revenue growth y-o-y at 11%/13%/36%, expecting Argon to turn net profit in 2020 and having Weigao’s EPS CAGR (FY17-20F) at 15.2%. Adding Argon’s valuation, our SOTP-TP rises to HKD7.00 (from HKD6.35). Upgrade to BUY.

China Healthcare Focus on biotech and high-end drugmakers - 3月 14, 2018 (18 页)  
In the upcoming (Dec-ended) result season and from those stocks we actively cover, we expect biotech (Genscript) and high-end drugmakers (3SBio and Livzon Pharm) to have in-line results with Bloomberg consensus and ours. Moreover, concentrated Chinese medicine granule (CCMG) leader (China TCM) is forecast to beat consensus, on recovering finished drug and stable CCMG sales and margins. We see drug-makers like United Lab, Luye and Sinopharm as the key distributor would likely fall short of consensus estimate.

Shandong Weigao (1066 HK) Targeting on high-end US devices - 9月 27, 2017 (4 页)  
On 24 Sept night, Weigao announced to form a JV (9:1) with another investor to fully acquire Argon Medical Devices in US. The total consideration is USD850m, with USD420m to be paid by debt and the rest from its cash. We see (1) Argon’s FY16 P/EBITDA at 12.5x similar to Weigao’s 12.7x; (2) post conference call, both approvals from US antitrust act and China authorities will not be the hurdles; and (3) Argon’s high-end products will lure to Weigao’s top-tier clients.

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