交银国际发表报告指，锦欣生殖(01951.HK) 去年业绩符合预期，海外表现优异。公司2024年收入和经调整净利润按年分别增长1%/下降12%。成都业务的周期数减少13%，但由于妇产儿科和高端医疗服务需求增加带动平均售价提升，年内收入有小幅增长。孵化机构中，武汉周期数增长40%，云南剔除装修影响后基本持平。海外业务收入和周期数分别增长6%/18%。
该行指，呼和浩特近期发布育儿补贴实施细则，预计更多地区将效仿、推出更多生育配套措施。美国生育福利政策也进入扩张期，已有21个州签署IVF的强制医疗保险计划，企业覆盖面有所扩大。
该行对于2026年及长期的业绩有更乐观的预期，上调目标价至3.75元，维持“买入”评级。重点催化剂包括各地生育利好政策的持续落地，以及美元银团贷款续期(预计5-6 月)完成后分红、回购等现金回报提升。(ha/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-02 16:25。)
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