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周年之际获高瓴大笔增持 现代牙科(3600.HK)估值修复可期

香港智远权证网2026年3月4日 00:00
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现代牙科(3600.HK)今年迎来成立40周年与上市10周年的双喜时刻。作为全球唯一能为逾28个国家的牙医提供跨地域服务的一站式义齿解决方案供应商,公司正迎来资本价值重估的关键节点。2026年1月,高瓴投资以每股5.8港元的价格进行大笔增持,持股比例升至17.24%,一举成为核心战略股东,释放出强烈的看多信号。


顶级资本背书 隐形冠军显实力

高瓴此次涉资逾9亿港元的大宗交易,不单是财务投资,更是对中国口腔医疗赛道长期价值的战略押注。国家统计局数据显示,中国内地65岁以上人口已突破2.1亿,这一群体的缺牙率高达86%,但义齿修复的渗透率仍处于较低水平。根据摩根大通报告,截至2023年,中国种植牙渗透率约为每万人35至60颗,仅为美国的四分之一左右,市场空间广阔。

凭借“集中生产+全球网络”的独特商业模式,现代牙科早已构筑起深厚的护城河。公司运用CAD/CAM与3D打印技术,大幅缩短传统义齿的制作周期;同时依托遍布欧美、澳洲及大中华区的经销网络,稳步跻身全球义齿行业前三甲。此外,公司收购了泰国最大的牙科实验室Hexa Ceram积极开拓东南亚市场,并于去年与中东阿联酋国家基金旗下领先的科技公司Sindan签署合作备忘录,共同开拓中东和北非牙科市场,为自身创造新的增长空间。

政策东风至 银发经济撑硬需求

政策方面亦迎来多重利好。北京等多个城市已将全口活动义齿纳入医保统筹报销,65岁以上长者全口修复最高可报销6400元。在人口老龄化加速的大趋势下,义齿市场兼具刚性需求及爆发潜力。

近期,国务院常务会议亦强调要进一步释放银发消费需求,提升消费能力。叠加医保扩容及居民口腔健康意识提升等利好因素,中国口腔行业正步入量价齐升的黄金周期。作为行业标杆,现代牙科凭借规模优势与数字化能力,有望充分把握这一波银发经济带来的发展红利。

估值修复空间充裕 长线看高一线

财务表现方面,公司2025年中期收入录得18.35亿港元,净利润同比大增34.7%至2.89亿港元,EBITDA创历史新高。更难得的是,净利率自2020年前的4%-7%跃升至2025年上半年的15%,盈利能力显著提升。

技术方面,公司股价在高瓴增持后单日急升16%,随后进入短期横向盘整。参考银河海外给予6.88港元目标价,现价仍有较大上升空间。且公司现时市盈率不足12倍,较行业平均20倍的市盈率存在明显折让,这为后市提供充足安全边际。

展望后市,作为深耕医疗健康领域的顶级机构,高瓴曾成功投资时代天使等牙科产业链相关企业,其战略入股或将为公司带来全球资源整合与数字升级的契机,叠加内地医保政策利好加持及海外市场持续拓展,现代牙科的估值有望持续修复。

(本人并没持有以上股票)

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