11月7日,碧迪医疗(BDX.N)股价盘中大跌逾5%,引发市场广泛关注。数据显示,碧迪医疗第四季度业绩超预期,但公司业绩增长可持续性遭到质疑。
作为疝修补产品的国产龙头企业,碧迪医疗主营产品市场规模相对较小。行业数据显示,2021年我国疝修补片市场规模约12.84亿元,预计到2025年仅有17.48亿元,增长空间有限。而在这一细分市场,外资厂商如强生、美敦力等占据主导地位,碧迪医疗国内市场份额仅为11.29%,排名第三。
另一方面,碧迪医疗的研发投入水平远低于同行业可比公司平均值。报告期内,公司研发费用率在6%左右,而可比公司研发费用率均值在11%以上。虽然公司有多个在研产品线,但这些新产品的市场空间增量有限,对公司整体收入的提振作用受到质疑。
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