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邱俊瑜先生 (Porter Yau)
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主要按基本因素選股,但有時也會參考圖表、技術分析。除股票外,亦經常研究期權 。歡迎來電賜教或交流心得。
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估值跌到爛 - 微創心通醫療科技有限公司 (02160.HK)

Monday, July 28, 2025 Views773

估值跌到爛 - 微創心通醫療科技有限公司 (02160.HK)

 

公司概覽

微創心通醫療科技有限公司是一家專注於醫療器械領域的中國投資控股公司,主要從事心臟瓣膜疾病的經導管及手術解決方案的研發及商業化。其核心產品包括第一代經導管主動脈瓣植入 (TAVI) 產品「VitaFlow」及第二代產品「VitaFlow II」。公司主要在中國內地市場展開業務,具備穩健的成長潛力。

 

市場表現

 

 

上市價格:12.2 港元

現行價格:1.3 港元

儘管公司業績未顯示出爆發性增長,整體表現仍顯示出穩健性,預計2025年將有盈利的機會。每股資產淨值為人民幣 0.9,對於 B 股公司來說,當前的估值極具吸引力。

 

 

收到控股股東的不具約束力建議書

於2025年7月16日,微創醫療(00853.HK)公告考慮將其心律管理(CRM)業務整合至控股子公司心通醫療(02160.HK)。該重組方案旨在將微創醫療旗下的心律管理板塊(包括心臟起搏器、除顫器等)與心通醫療的結構性心臟病板塊(如經導管瓣膜 TAVI、左心耳封堵器等)合併,從而創建一個「一站式」的心臟病解決平台。

 

 

股東增持

 

投資建議

目前大股東持有 46.13% 的股份,若心律管理業務成功注入,最大可能性是透過發行新股以進一步集中股權。第二大股東持有 7.53% 的股份,其背景顯示其為公開招股前期的投資者,持有成本為人民幣 0.99,相對於短期內的股價波動,潛在阻力應該不大。

基於目前的估值情況,建議在當前價格範圍內進行買入。如果心律管理業務成功注入,目標價格可設定為 5 港元;若該業務未能注入,則目標價格將調整至 2.2 港元。止蝕價建議為 0.8 港元。

 

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