康哲藥業 (867.HK): 2017 年業績增長喜人,研發管線有望爆發 April 9, 2018 1066

投資概要

2017年公司業績實現高增長,費用控制得力。展望未來,我們認為公司目前的重點產品波依定、新活素等仍將繼續為業績增長貢獻動力,前景光明的研發管線有望公司股價攀升提供契機。我們調整收入和費用估計,預測2018/2019年每股盈利為0.77/0.86元,目標市盈率23.45倍(相當於兩年歷史均值加1倍標準差),得到目標價21.97港元,“買入”評級。(現價截至4月4日)

2017年業績回顧

2017年公司實現營業收入5348.8百萬元,同比增長9.1%,主要得益於銷量增長(還原兩票制後的收入為5578.6.百萬元,同比增長21.2%)。毛利率由59.4%上升至65%,還原兩票制後,毛利率同比下跌1%,主要是由產品平均降價1.9%影響所致。公司費用控制得當,還原兩票制影響後,息稅折舊前利潤率提高0.7%,銷售費用率與行政費用率均同比下降0.8%。淨利潤率保持平穩。存貨和應收賬款周轉天數有所上升,主要是因為兩票制影響,銷售成本低開,所以該計算口徑下,周轉率下降而周轉天數上升。公司的淨資產收益率同比上升0.9%至24.6%,並維持穩定的派息比率40%。

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About the author

Profile photo of Eurus Zhou

Eurus Zhou
Phillip Securities (HK)

Graduated from Hong Kong Polytechnic University, Master of Finance (Investment Management). Possess bachelor degree majoring in Financial Management from Southwestern University of Finance and Economics. Focus on industry prospect and corporate fundamentals to explore investment value and cover pharmaceutical and consumer industry.

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