康美藥業 (600518.SH): 半年報業績點評,飲片器械高增長 September 27, 2018

投資概要

公司2018 年上半年營業收入、歸母淨利潤分別實現27.88%、21%增長。未來,公司將 加大投入建設城市智慧藥房,打造覆蓋患者、線上線下醫療機構的移動醫療閉環,預計將進一步推動飲片業務持續增長。同時醫療器械流通業務將隨著覆蓋網路擴張保持高增速。預測18/19 年每股盈利為1.04 元/1.24 元,目標價25.97 元,“買入”評級。(現價截至9 月24 日)

公司概況

業績回顧

2018年上半年,公司實現銷售收入16,959百萬元,同比增長27.88%;歸母淨利潤增長21%至2,604.6百萬元,扣非淨利潤增長20.3%至2,581.96百萬元。財務費用大幅上升68.5%,主要是由於銀行借款及債券的利息支出增加所致。銷售費用率上升,占收入比重由17H1的2.35%升至18H1的2.92%。管理效率提高,管理費率下降0.46個百分點至18H1的3.94%。

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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