The Report is produced in Chinese only.
醫藥流通:風物長宜放眼量 根據申萬行業分類,我們通過計算發現,從2017年初至今,A股醫藥商業公司股價平均漲幅-6.47%,H股-1.09%,在醫藥細分板塊中表現“墊底”。主要原因包括流通行業在過去一年面臨兩票制改革,商業龍頭的調撥業務受到影響,企業業績增速放緩;另外處方外流尚未大規模實現,對零售行業的利好還未兌現。我們認為,對醫藥流通行業的投資是一個較長期的過程。 2018年,預計在消化行業政策的影響後,下半年之後上市公司業績有望改善,屆時估值有望重構,而上半年有佈局機會。另外,長遠來看,隨著處方外流初步推進,行業集中度提升,零售行業和商業企業都將受益。建議投資者佈局全國或區域龍頭流通企業,重點推薦華潤醫藥、上海醫藥。 華潤醫藥的推薦邏輯是:全國性醫藥流通龍頭企業,在整合行業資源上有優勢;製藥業務不斷發展、產品組合不斷升級;旗下主要子公司(雙鶴、阿膠、三九)業績增長為母公司貢獻更多收益;集團的華潤鳳凰醫療擁有全國最大的醫院網路,有利於形成協同優勢。 上海醫藥方面:公司擁有華東最大的藥房網路,並且收購了康得樂中國,進一步拓展上游藥品資源,加速下游管道建設,拓展DTP藥房業務,培養業務新增長點。 |
|
|
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.