石藥集團 (1093.HK): 收購武漢友芝友加速佈局生物藥 February 5, 2018

投資概要

  • 收購友芝友,加速佈局生物藥;
  • 計畫分拆新諾威A股創業板上市;
  • 產品獲美國孤兒藥資格認定。

業績高增長預期

公司前三季度銷售額同比增長21%,超出我們的預期。主要是因為:1)創新藥銷售增長迅速,收入占比不斷提升;2)咖啡因及其他板塊增長迅速,收購的葡萄糖業務貢獻收入;3)維生素C延續中期以來的高增長。三季報顯示利潤率得到顯著提升,毛利率提高8.3個百分點,得益於創新藥等高毛利藥品銷售占比提升。預計公司2017、2018年銷售與淨利潤增長在20%-30%左右。

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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