摩根大通：年中展望-医疗保健行业

Investment Ratings - ResMed (RMD AU) is rated Overweight (OW) with a price target of A$45.00 [24][30] - Sonic Healthcare (SHL AU) is rated Neutral (N) with a price target of A$29.00 [30][32] Core Insights - ResMed is expected to benefit from rising awareness of obstructive sleep apnoea, leading to increased demand for CPAP treatments [2][12] - Sonic Healthcare faces funding pressures that are likely to undermine its margin expansion potential [6][15] Summary by Sections ResMed - Earnings Growth: ResMed's earnings are projected to be approximately 5% ahead of consensus due to expected gross margin improvements and stronger revenue growth [4][12] - Margin Expansion: The company is on track to achieve further gross margin increases supported by production efficiency and favorable currency movements [3][24] - Valuation: ResMed trades at a 23x FY26E PE, which is below its historical average, indicating potential undervaluation [5][24] Sonic Healthcare - Funding Pressures: Sonic Healthcare is experiencing reimbursement pressures in key markets, particularly Germany and Australia, which are expected to negatively impact revenues [6][10] - US Operations: The US business has underperformed, and challenges are anticipated to persist in 2025 [7][9] - Long-term Margin Decline: Sonic's pathology margins have been in long-term decline, attributed to expansion into lower-margin markets and a tight funding environment [10][15]