-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：我们将目标价从21美元下调至19美元，相当于2026年预期收益的8.2倍，低于其三年历史平均预期市盈率12.9倍，以反映高企的超额死亡率带来的长期增长不确定性。FME 2026年第一季度营收下降5.5%，主要受汇率不利因素影响，但有机增长仍保持在3.9%的正值，而营业利润率（不计特殊项目）提高了0.7个百分点。业绩增长得益于FME25+计划的成本节约、5008X CARE系统的推广以及TDAPA报销政策的利好。然而，受漏诊率的影响，美国同店治疗增长依然面临挑战。 FME重申了其2026年的业绩指引，预计上半年业绩将更为强劲，但下半年TDAPA优惠政策将逐步取消。为反映上述结果，我们将2026年EPADS估值从2.03欧元调整至1.98欧元，并将2027年EPADS估值从2.20欧元调整至2.16欧元。尽管FME25+持续的成本节约令人鼓舞，但美国同市场交易量恢复的时间表仍不明朗，我们认为这是一个关键问题。
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