華潤醫藥 (3320.HK): 半年報點評:製藥業務高速增長,分銷龍頭地位穩固 September 6, 2018

投資概要

上半年,公司分銷、製藥、零售三大業務收入分別同比增長10.2%/32.9%/16.7%。公司 的銷售網路持續優化,製藥板塊仿創結合,重點佈局生物藥領域,通過外延並購等方 式推動化藥和中藥板塊發展。由於兩票制的影響將在2018 年下半年消除,預計業績增 長更加正面,因此我們上調目標價至15.2 港元,對應2018 年目標市盈率19 倍。(現價 截至9 月4 日)

公司概況

半年報財務表現。公司上半年實現收入 93,741 百萬港元,同比增長 13.3%。毛利 16,881 百萬港元,同比增長34.7%,毛利率升2.9 個百分點至18%。經營利潤增長 22.6%至6,296 百萬港元,經營利潤率上升0.5 個百分點。費用顯著上升,銷售費用占 收入比率從17H1 的6.7%升至9%,主要是受兩票制影響,使銷售費用上漲。歸母淨利 潤同比上升24.3%,淨利率上漲0.2 個百分點。

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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