辅助生殖服务龙头企业锦欣生殖(01951)股价今日盘中出现大幅波动,最新股价大跌9.09%,报2.85港元,引发了市场广泛关注。自10月8日盘中股价触及4.64港元高位后,锦欣生殖股价进入加速下行通道,5个交易日内累计跌幅已达35.34%。
公司基本面承压或是股价下跌的主要原因。日前锦欣生殖公布2024年中期业绩,上半年实现营收14.44亿港元,同比增长8.2%,但净利润1.9亿元则同比下滑15%,呈现出明显的"增收不增利"局面。过去几年,公司持续大规模并购扩张,导致商誉快速攀升,2024年上半年已达35亿港元,较2023年末仍小幅上涨,但并购效应未能体现在净利润增长上。高昂的运营成本和费用支出已成为锦欣生殖摆脱"增收不增利"困境的主要阻力。
国家医保政策利好辅助生殖服务行业,但消息面效应的释放也加剧了市场情绪的波动。近期市场曾传出关于提高辅助生育家庭补贴的政策利好,一度推动包括锦欣生殖在内的相关上市公司股价上涨,但消息不实也让股价快速回落,反映了市场对该行业前景仍存疑虑。行业渗透率提升缓慢、政策鼓励力度不足、服务价格高昂等因素仍制约了辅助生殖服务企业的发展空间。
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