Group 1 - Morgan Stanley reports that the competitive moat for large independent clinical laboratories (ICL) is expanding, primarily due to early adoption of artificial intelligence and enhanced high-end testing capabilities [1] - The analysis team expects challenges faced by the ICL industry to gradually be mitigated, with Eddycon Holdings (09860) showing superior performance growth and a healthier balance sheet, leading to a reiterated "overweight" rating and a target price of HKD 10 [1] - ICL is at the forefront of AI and digital applications in the healthcare sector, benefiting from its labor and capital-intensive nature, which generates substantial data [1] Group 2 - High-end testing and co-construction projects are expected to drive growth in the near to mid-term, with Eddycon's high-end testing revenue projected to grow approximately 18% year-on-year in 2024, and a five-year compound annual growth rate of about 33% [2] - Co-construction project revenue and orders are expected to increase by 62% and 126% year-on-year, respectively, as ICL leaders focus on higher entry barriers for growth and profitability [2] - Conventional clinical testing may continue to face regulatory price and volume pressures in the short term, with a gradual easing expected by late 2025 to early 2026 [2] Group 3 - Eddycon has announced the acquisition of an IVD+ICL platform company focused on hematology, with a transaction price of approximately RMB 50 million in cash plus up to HKD 119 million in new shares [3] - The target company is expected to achieve profitability by 2026-2027 and has around 400 hospital clients, primarily Class III hospitals, which will enhance Eddycon's high-end testing project offerings [3] - Eddycon is actively seeking more complementary technology platform acquisition opportunities, supported by its healthy balance sheet amid the inevitable consolidation trend in the ICL industry [3]
大摩：规模化ICL的竞争护城河继续扩大 重申艾迪康控股(09860)“增持”评级 目标价10港元