智通财经APP获悉，中金发布研报称，考虑上游拓展仍需一定时间而普耗集采压力略高于1H25预期， 下调威高股份(01066) 25/26年净利润7%/7%至19.89/21.83亿元，引入27年净利润23.48亿元，当前股价对 应26/27年P/E为9.9/8.9x，考虑板块估值中枢上行，该行维持目标价6.40港元和跑赢行业评级不变，对应 26/27年P/E为12.1/11.3x，隐含22.4%上行空间。 中金主要观点如下： 2026年1月5日，威高股份公告与威高血净交易进展，换股交易对价合理，公司将控股威高血净 去年10月，威高股份和威高血净公告，威高血净计划向威高股份以发行股份方式获得威高股份子公司威 高普瑞股权。今年1月5日，威高股份公告确认威高普瑞作价最终对价为人民币85.11亿元（对应24年静 态P/E为14.66x），对价股份为2.72亿股，占威高血净当前已发行/扩大后总股数的65.11%/39.43%。交易 完成后，威高血净将持有100%威高普瑞股权，威高股份对血净持股比例将从23.53%升到51.35%，对普 瑞持股比例从94.07%变为间接持股51.35%，威高血净（并表威高普瑞）成为威高股份 ...

中金发布研报称，考虑上游拓展仍需一定时间而普耗集采压力略高于1H25预期，下调威高股份 (01066)25/26年净利润7%/7%至19.89/21.83亿元，引入27年净利润23.48亿元，当前股价对应26/27年P/E 为9.9/8.9x，考虑板块估值中枢上行，该行维持目标价6.40港元和跑赢行业评级不变，对应26/27年P/E为 12.1/11.3x，隐含22.4%上行空间。 中金主要观点如下： 2026年1月5日，威高股份公告与威高血净（603014）交易进展，换股交易对价合理，公司将控股威高血 净 风险提示：集采降价，新品推广不及预期，国际化不及预期，竞争格局恶化。 威高普瑞业绩承诺较为合理谨慎 威高股份承诺普瑞将在26-28年达到净利润分别为6.39/7.20/7.84亿元，复合增速10.7%。如交易实施完毕 的时间延后至2027年，则普瑞27-29年承诺净利润分别为7.20/7.84/8.45亿元，复合增速8.3%。 血净和普瑞具有协同效应，共同拓展生物制药上游大赛道 威高血净聚焦血液透析和腹膜透析的耗材和设备，具备透析膜术，已有滤器产品。威高普瑞专注于预灌 封给药系统及自动安全给药系统等面向疫 ...

Group 1: Core Views - Multiple A-shares are set to resume trading, including Dongtu Technology and Weigao Blood Purification, following significant asset restructuring announcements [1][5] - Dongtu Technology plans to acquire 100% of Gaoweike, with the transaction expected to meet the criteria for a major asset restructuring [2][4] - Weigao Blood Purification intends to purchase 100% of Weigao Puri, also anticipated to constitute a major asset restructuring [5][6] Group 2: Dongtu Technology - Dongtu Technology will issue shares and pay cash to acquire Gaoweike, which will become a wholly-owned subsidiary post-transaction [2] - The share issuance price is set at 18.56 yuan per share, representing 80% of the average trading price over the previous 120 trading days [2] - The acquisition aims to enhance Dongtu's capabilities in providing comprehensive solutions and improve its market competitiveness [4] Group 3: Gaoweike Overview - Gaoweike, established in 2001, specializes in industrial automation and control systems, serving various manufacturing sectors [3] - The company has developed core products in motion control, including PLCs and servo systems, and has a broad customer base across China [3] Group 4: Weigao Blood Purification - Weigao Blood Purification's acquisition of Weigao Puri will expand its product line into pre-filled drug delivery systems and automatic safety delivery systems [7] - The company reported a total revenue of 2.736 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 3.45% [7]