上海醫藥 (2607.HK): 收購大型流通商康得樂,DTP 藥房業務有望加速發展 December 8, 2017 1439

投資概要

公司11月收購大型醫藥分銷商康得樂中國,進一步鞏固醫藥流通龍頭地位,公司未來DTP藥房發展有望駛入快車道。公司前三季度業績實現穩定增長,醫藥工業增長迅速,利潤率持續改善。我們假設14倍市盈率,給予目標價25.2港元,“買入”評級,上升空間29.76%。(現價截至12月6日)

公司概況

前三季度實現穩定增長。截止9月底,公司實現營業收入990.31億元,同比增長9.41%。公司實現歸屬於上市公司股東的淨利潤26.89億元,同比增長9.42%,剔除聯、合營企業利潤貢獻下降因素的影響,公司歸屬於上市公司股東淨利潤同比增長14.26%。聯、合營企業貢獻利潤由於受新品上市投入及產品降價等因素的影響,同比下降10.67%。公司保持良好的營運狀況,1-9月實現經營性現金淨流入18.46億元,較上年同期淨增加5.36億元。

收購康得樂中國資產。11月15日,上海醫藥發公告稱公司的全資子公司將收購康得樂中國100%股權,代價約為5.57億美元。康得樂中國是一家外資醫藥分銷商,其分銷業務網絡覆蓋322座城市,服務近11,000家醫藥機構等客戶。本次收購會強化上海醫藥在上海、北京、浙江等市場的網路深度,覆蓋更多終端醫療客戶,同時拓展天津、重慶、貴州等空白區域,使上海醫藥的分銷網路擴展到24個省份。收購完成後,上海醫藥的進口藥品總代理品種數將是行業第一,公司將成為中國最大的進口藥品代理商和分銷商。我們預計康得樂會將公司2018年醫藥商業收入增厚15%左右。

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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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