投資概要
公司醫藥商業實現平穩增長,醫藥工業方面,健康產品增長顯著。銷售費用大幅上升,行銷力度不斷加大。混改進一步落地,有望進一步激發未來增長動力。考慮到銷售費用等支出可能增加,我們調低2018年EPS預測至3.4元/股(原3.55元/股)。對比歷史市盈率和行業市盈率水準,我們給予33倍目標市盈率,目標股價112.0元。(現價截至4月13日)
公司概況
混改加速發展
2017年,公司控股股東雲南白藥控股有限公司引進民營企業新華都和江蘇魚躍作為戰略投資者,白藥控股股權結構變更為雲南省國資委、新華都與江蘇魚躍分別持有45%、45%、10%股權,白藥控股及上市公司均變更為無實際控制人企業。經過2017年調整之後,我們期望2018年這種混改方式進一步激發企業活力,提升企業競爭力。
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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.