The Report is produced in Chinese only.
帶量採購對部分藥企業績增長影響有限 中國國家醫療保障局主導下的試點聯合採購會議確定了聯合採購要求及操作方法,同時公佈第一批帶量採購清單。藥品集中帶量採購試點方案共涉及了4座直轄市和7座主要城市,按照2017年11座城市的藥品銷售規模計算,試點城市市場規模約占全國總市場的20-30%。 首批帶量採購包括了33個品種。帶量採購旨在以量換價,採購不區分品質層次,以最低價中標。市場估計若入圍競標企業在3家以上的藥品,降價幅度可能超過40%,入圍競標企業為2家,預計降價幅度20-30%,入圍競標企業僅1家,將採用談判降價,降價幅度約10%。 帶量採購對醫藥企業影響不一,對涉及帶量採購品種少的企業影響不大。我們建議關注石藥集團(1093HK)。石藥集團共有4個產品涉及帶量採購,根據市場預期,由於石藥集團涉及的4個產品在2017年銷售量較小,帶量採購全面執行後,若產品能夠順利中標,依據相關政策規定,試點城市的公立醫療機構將必須執行採購,因此,帶量採購政策對公司的影響偏正面,總收入則有望提升5-10%。公司上半年錄得收入107.87億港元,同比增長49.8%,股東應占溢利約18.53億港元,同比增長41%。石藥集團全年業績增長確定性強。 |
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