國產(chǎn)企業(yè)不斷加碼有望把握吸入制劑市場發(fā)展機(jī)遇

1、行情回顧與本周策略過去一周行情回顧A 股醫(yī)藥過去一周 A 股醫(yī)藥股板塊指數(shù)下跌 1.08%，上證綜指下跌 1.91%，深證成指下跌 3.28%，創(chuàng)業(yè)板指下跌 3.66%。從子板塊來看，醫(yī)療器械上漲 0.18%，化學(xué)制藥下跌 1.68%，醫(yī)療服務(wù)下跌 1.53%，中藥下跌 2.35%，生物制品上漲 0.05%，醫(yī)療商業(yè)下跌 1.135%。A 股醫(yī)藥板塊漲幅前三分別是振興生化（+25.66%）、廣譽(yù)遠(yuǎn)（+19.55%）、英科醫(yī)療（+18.36%）， 跌幅前三分別是賽升藥業(yè)（-17.63%）、輔仁藥業(yè)（-17.62%）、華北制藥（-14.69%）。港股醫(yī)藥過去一周漲幅前三分別是匯銀控股集團(tuán)（+27.

2、16%）、希瑪眼科（+18.90%）、康希諾生物-B（+13.32%）、，跌幅前三分別是北控醫(yī)療健康（-34.62%）、密迪斯?。?27.34%）、REPUBLIC HC（-17.74%）。美國中概股醫(yī)藥過去一周漲幅前三分別是天境生物（+12.88%）、聯(lián)絡(luò)智能（3.77%）、惠普森醫(yī)藥（2.04%），跌幅前三分別是再鼎醫(yī)藥（-9.63%）、泰和誠醫(yī)療（-6.25%）、和黃中國醫(yī)藥科技（-5.32%）。圖表 1: 醫(yī)藥板塊及 A 股股價(jià)表現(xiàn)，相對估值溢價(jià)250%500%200%150%400%300%200%100%100%50%0%-100%2015/4/302015/7/312015/10

3、/312016/1/312016/4/302016/7/312016/10/312017/1/312017/4/302017/7/312017/10/312018/1/312018/4/302018/7/312018/10/312019/1/312019/4/302019/7/312019/10/312020/1/312020/4/300%-200%相對估值溢價(jià)（右軸）滬深300（左軸）申萬醫(yī)藥指數(shù)（左軸）資料來源：萬得資訊，中金公司研究部本周中金醫(yī)藥投資組合投資組合：A 股：恒瑞醫(yī)藥、邁瑞醫(yī)療、通化東寶、麗珠集團(tuán)、凱利泰、凱萊英、九州通。H 股：阿里健康、中國生物制藥、石藥集團(tuán)、東陽光藥、上

4、海醫(yī)藥、國藥控股、啟明醫(yī)療。近期工作：行業(yè)動態(tài)：醫(yī)療健康：化藥注射劑一致性評價(jià)啟動，關(guān)注骨科領(lǐng)域（5 月 16 日）。首次覆蓋：成都先導(dǎo)：新一代技術(shù)驅(qū)動，引領(lǐng)藥物發(fā)現(xiàn)行業(yè)革新（5 月 19 日）。業(yè)績回顧：泰邦生物：1Q20 非通用會計(jì)準(zhǔn)則歸母凈利潤略超預(yù)期（5 月 22 日）。圖表 2: 近期工作近期工作行業(yè)動態(tài)醫(yī)療健康：化藥注射劑一致性評價(jià)啟動，關(guān)注骨科領(lǐng)域首次覆蓋成都先導(dǎo)：新一代技術(shù)驅(qū)動，引領(lǐng)藥物發(fā)現(xiàn)行業(yè)革新業(yè)績回顧泰邦生物：1Q20非通用會計(jì)準(zhǔn)則歸母凈利潤略超預(yù)期資料來源：中金公司研究部圖表 3: A 股醫(yī)藥公司最近一周重點(diǎn)數(shù)據(jù)證券代碼證券簡稱周收盤價(jià)(人民幣)周漲跌幅(%)周換手率(

5、%)總市值(人民幣 百萬)流通A股占總股本比例(%)周成交額(人民幣 百萬)周成交量(千股)000028.SZ國藥一致39.49-1.472.0816,90785.893097,666000423.SZ東阿阿膠33.753.916.3022,07399.981,38741,215000513.SZ麗珠集團(tuán)38.85-3.005.7136,44163.831,37734,166000661.SZ長春高新650.301.375.33131,59584.005,9579,067000963.SZ華東醫(yī)藥21.751.129.8138,058100.003,777171,675000999.SZ華潤三

6、九27.44-3.242.0326,86199.9555819,857002007.SZ華蘭生物41.1611.6712.2275,09185.897,682191,420002044.SZ美年健康12.11-0.903.9947,47087.561,711136,943002223.SZ魚躍醫(yī)療31.54-4.1621.7131,61886.476,202188,167002262.SZ恩華藥業(yè)13.91-1.3511.0214,18087.011,38697,751002422.SZ科倫藥業(yè)20.14-4.104.9528,99773.491,06952,421002603.SZ以嶺藥業(yè)2

7、8.44-11.9023.7534,23481.997,092234,390002773.SZ康弘藥業(yè)35.28-5.573.7130,89170.9583523,018002821.SZ凱萊英200.551.444.7546,39196.142,16910,634300003.SZ樂普醫(yī)療38.22-3.736.1568,09585.053,73593,250300015.SZ愛爾眼科47.870.272.95148,29282.383,61774,415300122.SZ智飛生物78.98-3.276.16126,36854.744,46753,986300244.SZ迪安診斷23.76-

8、4.506.7914,74273.2076230,859300326.SZ凱利泰26.72-4.9810.4019,31898.732,08674,211300760.SZ邁瑞醫(yī)療274.135.368.01333,25741.0610,87439,974600085.SH同仁堂24.77-1.311.4033,971100.0048519,266600276.SH恒瑞醫(yī)藥95.881.112.80424,00999.7912,086123,493600332.SH白云山30.22-1.822.3649,13186.471,02633,206600436.SH片仔癀142.80-1.523.5

9、186,154100.003,11121,203600511.SH國藥股份28.49-6.3418.5321,49636.801,54151,443600535.SH天士力14.10-2.832.9521,329100.0064644,593600867.SH通化東寶15.005.129.3830,510100.002,823190,708600998.SH九州通17.20-3.592.2632,29690.0466038,167601607.SH上海醫(yī)藥17.39-3.123.1949,42467.661,09961,414603259.SH藥明康德105.65-3.374.79174,44

10、261.135,29648,329603658.SH安圖生物143.304.032.3761,705100.001,47210,213603883.SH老百姓79.984.366.3723,35493.491,36917,263603939.SH益豐藥房68.472.044.2236,32396.841,51821,698002030.SZ達(dá)安基因20.65-14.2134.1316,46797.186,015264,465600521.SH華海藥業(yè)26.38-5.956.2634,88494.592,15978,243600422.SH昆藥集團(tuán)9.48-1.962.977,21499.872

11、1922,543600079.SH人福醫(yī)藥22.20-0.369.7830,05295.002,871125,723300463.SZ邁克生物50.9014.7217.7928,38767.563,25767,034300363.SZ博騰股份22.35-7.6415.4212,13081.811,59768,486002022.SZ科華生物15.51-6.9017.077,98099.701,42787,591300199.SZ翰宇藥業(yè)5.53-1.434.275,07164.0714025,064002038.SZ雙鷺?biāo)帢I(yè)11.503.238.9011,81582.9188275,84400

12、2275.SZ桂林三金14.8715.9010.148,77690.0983353,894002294.SZ信立泰18.60-0.902.9219,45699.9959230,560002390.SZ信邦制藥4.330.462.607,21993.4817840,575002424.SZ貴州百靈8.24-3.632.7311,62851.5716719,853002433.SZ太安堂4.28-2.283.263,28296.1110524,015002462.SZ嘉事堂13.50-2.323.713,93885.611279,258002550.SZ千紅制藥4.40-1.123.165,632

13、70.7012828,570002589.SZ瑞康醫(yī)藥5.201.765.147,82475.7530558,573002653.SZ海思科22.758.709.0524,42544.1796042,904002788.SZ鷺燕醫(yī)藥7.97-2.095.012,60597.2513015,930300026.SZ紅日藥業(yè)5.08-10.7217.3915,26988.542,484462,699300039.SZ上海凱寶4.91-4.665.385,13687.6024949,281300246.SZ寶萊特19.83-9.0421.932,89773.7650623,634300255.SZ常

14、山藥業(yè)5.23-5.427.344,89072.9126850,018300267.SZ爾康制藥3.87-3.253.557,98268.5019950,223300289.SZ利德曼5.13-2.292.412,16099.135310,073600056.SH中國醫(yī)藥13.29-4.324.3314,20099.9663746,269600518.SH康美藥業(yè)2.58-8.514.8912,83388.64599215,581600557.SH康緣藥業(yè)13.08-0.764.897,755100.0037828,640600587.SH新華醫(yī)療14.92-3.245.436,06499.2

15、733621,917600594.SH益佰制藥5.46-1.446.464,324100.0028551,195600750.SH江中藥業(yè)12.190.666.616,400100.0043134,677600763.SH通策醫(yī)療135.004.654.2643,286100.001,84013,644600976.SH健民集團(tuán)14.87-4.133.652,28199.93865,596600993.SH馬應(yīng)龍16.83-0.187.867,25599.8358333,840603108.SH潤達(dá)醫(yī)療10.130.505.965,871100.0035034,524603368.SH柳州醫(yī)藥

16、31.83-0.904.868,24698.9339912,456603520.SH司太立75.67-2.994.8912,705100.006418,215002166.SZ萊茵生物7.41-4.147.034,18878.4823831,189300238.SZ冠昊生物16.44-3.638.254,35997.0835721,238300194.SZ福安藥業(yè)5.01-6.0011.925,96075.04557106,420002872.SZ*ST天圣5.12-5.364.761,62867.625410,242002118.SZ紫鑫藥業(yè)3.82-9.697.104,89399.9936

17、790,900資料來源：萬得資訊，中金公司研究部；注：淺灰色背景表示的是中金覆蓋公司，白色背景為未覆蓋公司，周收盤價(jià)與總市值基于 2020/05/22圖表 4: 港股和美國中概股醫(yī)藥公司最近一周重點(diǎn)數(shù)據(jù)證券代碼證券簡稱周收盤價(jià) (當(dāng)?shù)刎泿?周漲跌幅(%)周換手率(%)總市值(當(dāng)?shù)刎泿?百萬)周成交額(當(dāng)?shù)刎泿?百萬)周成交量 (千股)H股0570.HK中國中藥3.15-1.561.1615,863190.158,163.70874.HK白云山18.74-4.583.7030,467159.68,126.01066.HK威高股份13.040.002.6858,9711,663.5121,282.

18、31093.HK石藥集團(tuán)15.30-1.542.9995,4162,967.1186,588.81099.HK國藥控股18.50-4.442.8357,732745.637,909.61177.HK中國生物制藥11.40-4.681.82143,4322,743.6228,787.51513.HK麗珠醫(yī)藥30.10-8.091.7528,233177.45,582.11530.HK三生制藥9.14-7.025.2623,2021,328.4133,437.11558.HK東陽光藥28.25-1.916.2712,554405.713,675.51666.HK同仁堂科技5.92-3.111.35

19、7,58251.68,480.01763.HK中國同輻17.24-6.411.045,51515.0831.02005.HK石四藥集團(tuán)4.84-6.741.1314,668175.034,362.92607.HK上海醫(yī)藥12.64-4.681.5135,924181.913,919.43320.HK華潤醫(yī)藥4.32-2.920.5627,149160.035,302.53933.HK聯(lián)邦制藥6.45-7.462.1411,254256.637,369.92359.HK藥明康德113.50-3.243.06187,403612.95,224.42269.HK藥明生物125.50-7.118.09

20、163,26413,563.0105,214.16160.HK百濟(jì)神州95.40-2.050.1796,036165.21,679.80241.HK阿里健康18.18-14.651.55235,2443,911.0200,177.92500.HK啟明醫(yī)療58.60-5.713.6423,702420.56,656.83613.HK同仁堂國藥9.56-4.300.588,00348.64,862.60460.HK四環(huán)醫(yī)藥0.73-2.670.726,91051.267,907.01518.HK新世紀(jì)醫(yī)療1.503.450.017350.155.00587.HK華瀚生物制藥0.530.000.00

21、3,814-0867.HK康哲藥業(yè)8.89-11.980.7021,965163.917,325.70950.HK李氏大藥廠3.92-5.540.542,30513.03,159.51011.HK泰凌醫(yī)藥0.13-11.810.852422.216,238.01358.HK普華和順1.308.330.732,04015.511,482.01515.HK鳳凰醫(yī)療3.69-7.290.444,78522.15,646.42120.HK康寧醫(yī)院16.00-5.100.351,2081.170.22186.HK綠葉制藥3.86-2.533.7512,583496.3122,153.22348.HK東瑞

22、制藥1.01-9.820.571,5669.78,881.02666.HK環(huán)球醫(yī)療4.35-5.430.767,46659.113,080.83689.HK康華醫(yī)療3.03-4.110.051,0130.138.42211.HK大健康國際0.05-9.621.631823.162,849.03309.HK希瑪眼科4.9518.903.535,325187.137,924.08158.HK中國再生醫(yī)學(xué)43420.83,257.02327.HK美瑞健康國際0.30-7.810.671,2609.028,446.01498.HK培力控股0.67-5.630.622651.72,

23、449.0美股中概股CBPO.O泰邦生物107.700.800.944,144-361.4BGNE.O百濟(jì)神州159.12-4.290.0012,322-1,441.7IMAB.O天境生物21.3012.881.401,232-807.2HCM.O和黃中國醫(yī)藥21.19-5.320.932,920-1,276.7CCM.N泰和誠醫(yī)療1.50-6.250.4465-123.0APM.O知臨集團(tuán)3.160.001.5292-100.1LLIT.O聯(lián)絡(luò)智能0.433.7733.408-5,946.8CPHI.A惠普森醫(yī)藥0.462.0421.4820-9,359.1資料來源：萬得資訊，中金公司研究部

24、；注：淺灰色背景表示的是中金覆蓋公司，白色背景為未覆蓋公司，周收盤價(jià)與總市值基于 2020/05/22行業(yè)要聞?wù)咝l(wèi)健委：關(guān)于進(jìn)一步完善預(yù)約診療制度加強(qiáng)智慧醫(yī)院建設(shè)的通知5 月 21 日，國家衛(wèi)生健康委辦公廳發(fā)布關(guān)于進(jìn)一步完善預(yù)約診療制度加強(qiáng)智慧醫(yī)院建設(shè)的通知，要求加快推進(jìn)線上線下一體化的醫(yī)療服務(wù)新模式，進(jìn)一步建立完善預(yù)約診療制度，加強(qiáng)智慧醫(yī)院建設(shè)等有關(guān)工作。國家衛(wèi)健委辦公廳要求各地方衛(wèi)健委加快建立完善預(yù)約診療制度、創(chuàng)新建設(shè)完善智慧醫(yī)院系統(tǒng)以及大力推動互聯(lián)網(wǎng)診療與互聯(lián)網(wǎng)醫(yī)院發(fā)展，號召各級衛(wèi)生健康行政部門加強(qiáng)組織領(lǐng)導(dǎo)、堅(jiān)守安全底線和做好總結(jié)宣傳。（資料來源：醫(yī)政醫(yī)管局 鏈接： HYPERLINK

25、 /yzygj/s3594q/202005/b2adae99376d4af0834fd8d43c5ddb4f.shtml /yzygj/s3594q/202005/b2adae99376d4af0834fd8d43c5ddb4f.shtml）國家發(fā)改委：關(guān)于印發(fā)公共衛(wèi)生防控救治能力建設(shè)方案的通知5 月 22 日，國家發(fā)展改革委、國家衛(wèi)生健康委、國家中醫(yī)藥局制定了公共衛(wèi)生防控救治能力建設(shè)方案，要求調(diào)整優(yōu)化醫(yī)療資源布局，提高平戰(zhàn)結(jié)合能力，強(qiáng)化中西醫(yī)結(jié)合，集中力量加強(qiáng)能力建設(shè)，補(bǔ)齊新冠肺炎疫情暴露的公共衛(wèi)生短板弱項(xiàng)。（資料來源：中華人民共和國國家發(fā)展和改革委員會 鏈接：https: HYPERLIN

26、K /xxgk/zcfb/tz/202005/t20200522_1228686.html /ww HYPERLINK /xxgk/zcfb/tz/202005/t20200522_1228686.html /xxgk/zcfb/tz/202005/t20200522_1228686.html）行業(yè)中國首個(gè)氘代藥物 Austedo 獲批上市5 月 18 日，梯瓦醫(yī)藥信息咨詢（上海）有限公司宣布旗下創(chuàng)新藥物安泰坦（氘代丁苯那嗪片）經(jīng)國家藥監(jiān)局（NMPA）優(yōu)先審評審批后，正式獲批用于治療與亨廷頓病（HD）有關(guān)的舞蹈病及成人遲發(fā)性運(yùn)動障礙（TD）。（資料來源：新浪醫(yī)藥 鏈接：/article_det

27、ail_100_2_82408.html）AZ/第一三共 Enhertu 斬獲第 3 個(gè)突破性療法認(rèn)定5 月 18 日，阿斯利康和第一三共聯(lián)合宣布，雙方共同開發(fā)的靶向 HER2 的抗體偶聯(lián)藥物（ADC）Enhertu（fam-trastuzumab deruxtecan-nxki）獲得美國FDA 授予的突破性療法（BTD）認(rèn)定，用于治療 HER2 陽性，在鉑類治療中或治療后疾病進(jìn)展的轉(zhuǎn)移性非小細(xì)胞肺癌（NSCLC）患者。（資料來源：新浪醫(yī)藥 鏈接：/article_detail_100_2_82434.html）本周大事圖表 5: 本周重大事件提醒時(shí)間事件A股周一（5月25日）恒瑞醫(yī)藥(600

28、276): 分紅派息、分紅除權(quán)麗珠集團(tuán)(000513): 股東大會互聯(lián)網(wǎng)投票起始、股東大會召開凱利泰(300326): 股東大會現(xiàn)場會議登記起始通化東寶(600867): 分紅派息、分紅除權(quán)東阿阿膠(000423): 股東大會現(xiàn)場會議登記起始周二（5月26日）東阿阿膠(000423): 股東大會互聯(lián)網(wǎng)投票起始、股東大會召開恒瑞醫(yī)藥(600276): 紅股上市周三（5月27日）科倫藥業(yè)(002422): 分紅股權(quán)登記迪安診斷(300244): 股東大會現(xiàn)場會議登記起始愛爾眼科(300015): 分紅股權(quán)登記周四（5月27日）科倫藥業(yè)(002422): 分紅派息、分紅除權(quán)凱萊英(002821):

29、股東大會互聯(lián)網(wǎng)投票起始、股東大會召開愛爾眼科(300015): 分紅派息、分紅除權(quán)、紅股上市周五（5月29日）凱利泰(300326): 股東大會互聯(lián)網(wǎng)投票起始、股東大會召開迪安診斷(300244): 股東大會互聯(lián)網(wǎng)投票起始、股東大會召開H股周一（5月25日）麗珠醫(yī)藥(1513): 股東大會召開、股東大會互聯(lián)網(wǎng)投票起始周二（5月26日）中國生物制藥(1177): 股東大會召開石四藥集團(tuán)(2005): 分紅除權(quán)藥明康德(2359): 分紅除權(quán)周三（5月27日）石藥集團(tuán)(1093): 一季報(bào)預(yù)計(jì)披露日期周四（5月27日）中國生物制藥(1177): 一季報(bào)預(yù)計(jì)披露日期華潤醫(yī)藥(3320): 股東大會召

30、開資料來源：萬得資訊，中金公司研究部圖表 6: A 股可比公司估值表公司名稱代碼收盤價(jià)(元)2020/5/22總市值（百萬元）2018A每股收益(元)2019A2020E2021E2018A2019AP/E2020E2021E2018A2019AP/B2020E2021E恒瑞醫(yī)藥華東醫(yī)藥恩華藥業(yè)科倫藥業(yè)康弘藥業(yè)60027600096300226200242200277395.8821.7513.9120.1435.28424,00938,05814,18028,99730,8910.921.300.510.840.791.201.610.650.650.821.541.770.790.680.

31、891.912.110.980.871.06104.3x16.8x27.0 x23.9x44.5x79.6x13.5x21.4x30.9x43.0 x62.1x12.3x17.5x29.7x39.8x50.3x10.3x14.2x23.2x33.3x21.5x3.8x4.8x2.3x7.6x17.1x3.1x3.9x2.2x6.7x13.9x2.6x3.3x2.1x6.0 x11.2x2.1x2.7x2.0 x5.3x仙琚制藥信立泰 北陸藥業(yè)興齊眼藥海思科00233200229430001630057300265314.0018.608.61108.4722.7512,82719,4564,2

32、598,94124,4250.331.390.300.170.310.450.680.690.440.460.560.700.450.800.530.700.810.572.070.7542.6x13.3x28.8x654.6x73.3x31.3x27.2x12.4x249.1x49.5x25.0 x26.5x19.1x135.5x42.6x20.0 x22.9x15.2x52.3x30.5x4.9x2.9x3.5x16.4x12.1x4.4x3.0 x2.9x15.7x10.4x3.7x2.8x2.6x14.0 x7.7x3.2x2.6x2.3x11.0 x6.2x化學(xué)制劑藥中值化學(xué)原料藥中

33、值10,8848,07636.4x43.5x29.1x36.2x27.6x19.5x22.1x16.7x3.4x2.6x3.1x2.5x3.5x2.5x3.0 x2.2x華蘭生物長春高新智飛生物通化東寶00200700066130012260086741.16650.3078.9815.0075,091131,595126,36830,5100.624.970.910.410.708.771.480.400.8713.552.190.471.0017.042.670.5865.9x130.7x87.1x36.4x58.5x74.1x53.4x37.6x47.1x48.0 x36.1x31.9x

34、41.0 x38.2x29.5x25.9x7.0 x24.9x30.2x4.1x8.8x16.3x22.0 x4.1x7.6x12.3x15.0 x1.8x6.6x9.4x10.9x1.4x千紅制藥上海萊士天壇生物沃森生物舒泰神 瑞普生物安科生物博雅生物0025500022526001613001423002043001193000093002944.408.1935.5541.2510.0017.0314.7231.655,63255,20737,16363,4194,7606,88920,09913,7150.17n.a. 0.490.680.280.290.191.080.210.090

35、.580.090.060.480.090.900.610.120.640.311.350.270.220.840.900.130.780.391.6625.4xn.a. 72.9x60.6x35.5x57.9x76.4x29.2x21.4x90.8x60.8x446.7x174.4x35.4x161.5x32.2x19.4x52.7x50.7x68.1x86.6x26.6x47.9x23.5x16.5x37.7x42.4x45.8x79.3x21.8x37.9x19.0 x2.2x3.7x9.2x13.9x1.9x3.4x7.6x3.7x2.4x3.5x9.4x13.0

36、 x2.9x3.2x5.9x3.5x2.4x4.2x8.1x10.8x1.9x2.9x5.1x3.0 x2.3x3.8x6.9x8.6x2.3x2.6x4.5x2.6x生物制藥中值20,09954.7x53.4x41.7x33.9x4.1x3.7x4.5x4.0 x天士力 以嶺藥業(yè)華潤三九60053500260300099914.1028.4427.4421,32934,23426,8611.020.501.460.660.542.160.580.591.780.620.642.0813.8x57.1x18.8x21.3x52.6x12.7x24.5x48.5x15.4x22.9x44.8x1

37、3.2x2.0 x4.5x2.5x1.9x4.2x2.1x1.9x4.0 x1.9x1.8x3.7x1.7x康緣藥業(yè)信邦制藥羚銳股份60055700239060028513.084.338.257,7557,2194,6840.73n.a. 0.430.860.140.520.990.210.601.190.280.7418.0 xn.a. 19.3x15.3x30.6x15.9x13.2x20.4x13.7x11.0 x15.6x11.1x2.1x1.5x2.3x2.0 x1.5x2.1x1.7x1.3x1.8x1.5x1.2x1.6x現(xiàn)代中藥中值5,13618.7x24.9x17.9x14

38、.4x2.0 x1.9x1.8x1.7x同仁堂 東阿阿膠片仔癀白云山60008500042360043660033224.7733.75142.8030.2233,97122,07386,15442,4860.833.191.892.120.72n.a. 2.281.960.740.212.622.200.800.633.152.5429.9x10.6x75.4x14.3x34.5xn.a. 62.7x15.4x33.3x164.4x54.4x13.7x30.9x53.8x45.4x11.9x3.7x2.0 x17.2x2.3x3.7x2.2x13.0 x2.0 x3.5x2.3x11.2x1

39、.8x3.4x2.2x9.5x1.6x中新藥業(yè)60032915.969,1420.730.810.921.1022.0 x19.7x17.3x14.5x2.5x2.3x2.1x1.8x品牌中藥中值9,14223.0 x24.8x25.6x22.5x2.5x2.5x2.4x2.4x麗珠集團(tuán)00051338.8522,1211.151.391.651.9633.7x28.0 x23.4x19.8x3.4x3.3x3.1x3.0 x健康元華潤雙鶴60038060006212.5912.4024,51212,9360.360.930.461.010.531.040.641.1235.0 x13.4x2

40、7.4x12.3x23.6x11.9x19.7x11.1x2.5x1.7x2.4x1.5x2.2x1.4x2.0 x1.3x綜合性制藥企業(yè)中值12,93633.7x27.4x18.0 x18.0 x2.0 x2.1x2.1x2.0 x國藥股份上海醫(yī)藥老百姓 益豐藥房九州通60051160160760388360393960099828.4917.3979.9868.4717.2021,49633,44123,35436,32332,2961.861.371.490.780.712.131.441.741.020.922.301.582.141.341.212.601.772.611.711.4

41、815.3x12.7x53.7x87.2x24.1x13.4x12.1x45.9x66.8x18.7x12.4x11.0 x37.4x51.2x14.2x11.0 x9.8x30.6x40.0 x11.6x2.3x1.3x7.5x6.4x1.7x2.0 x1.2x6.6x5.8x1.7x1.8x1.1x5.7x5.1x1.5x1.6x1.0 x5.0 x4.4x1.4x大參林60323375.0841,0650.971.281.732.2077.2x58.4x43.5x34.1x9.9x9.7x8.0 x6.8x醫(yī)藥商業(yè)中值9,31620.4x14.9x13.1x11.5x1.9x1.7x1.

42、6x1.4x愛爾眼科美年健康30001500204447.8712.11148,29247,4700.330.210.45n.a.0.590.100.730.25147.0 x57.8x107.5xn.a.81.6x126.3x65.8x49.0 x26.0 x5.8x22.5x6.5x19.8x6.2x17.4x5.5x通策醫(yī)療600763135.0043,2861.041.441.862.43130.3x93.5x72.8x55.6x32.9x24.2x18.4x13.9x醫(yī)療服務(wù)中值43,28657.8x93.5x77.2x56.3x5.8x6.5x12.3x9.7x藥明康德凱萊英603

43、259002821105.65200.55156,42746,3911.931.851.592.392.033.172.744.1954.7x108.3x66.7x83.8x52.0 x63.3x38.6x47.8x7.0 x18.4x10.1x15.2x9.2x7.6x8.2x6.4x成都先導(dǎo)美迪西 九洲藥業(yè)博騰股份康龍化成藥石科技昭衍新藥68822268820260345630036330075930072560312741.8596.4624.7922.3561.6688.51110.7116,7685,98119,97212,13040,71812,81517,9040.110.980

44、.200.230.430.920.670.301.070.300.340.691.051.100.311.570.450.450.991.361.580.442.170.710.611.331.882.16373.0 x98.4x127.1x97.4x144.4x96.1x165.3x139.4x89.8x84.0 x65.4x89.5x84.3x100.4x136.0 x61.3x54.9x49.4x62.0 x64.9x70.1x94.3x44.4x34.7x36.9x46.2x47.0 x51.2x15.1x12.9x7.2x4.2x15.6x16.2x19.5x29.4x6.0 x7.

45、0 x4.0 x6.3x17.3x21.7x14.1x5.5x6.5x3.7x5.7x12.8x17.0 x12.3x4.9x5.7x3.4x5.1x10.2x12.9xCRO & CMO中值18,938117.2x84.1x61.7x44.4x15.0 x12.7x8.4x7.3x邁瑞醫(yī)療魚躍醫(yī)療樂普醫(yī)療凱利泰300760002223300003300326274.1331.5438.2226.72333,25731,61868,09519,3183.060.730.680.643.850.750.970.424.721.131.260.545.741.351.650.6889.6x43.5

46、x55.9x41.8x71.2x42.0 x39.5x63.9x58.1x28.0 x30.4x49.2x47.7x23.3x23.2x39.5x22.0 x5.8x6.9x7.7x17.9x5.2x5.7x7.0 x12.7x4.5x4.7x6.2x9.4x3.9x4.7x5.4x科華生物潤達(dá)醫(yī)療九強(qiáng)生物萬東醫(yī)療00202260310830040660005515.5110.1318.5715.277,9805,8719,3188,2580.400.450.600.280.390.530.660.310.440.650.750.440.540.830.930.5138.4x22.4x31.0

47、 x53.9x39.4x19.0 x28.1x48.9x34.9x15.7x24.7x34.3x28.6x12.2x19.9x29.7x3.7x2.3x5.5x4.2x3.4x2.1x4.7x4.0 x3.1x1.9x4.0 x3.6x2.8x1.7x3.4x3.2x器械和診斷中值5,96746.3x48.3x30.6x25.1x3.5x3.5x4.4x3.9x安圖生物迪安診斷603658300244143.3023.7661,70514,7421.310.631.800.562.250.663.030.80109.7x37.9x79.7x42.4x63.7x36.3x47.3x29.8x31

48、.2x4.0 x23.5x3.7x19.6x3.4x15.5x3.1x邁克生物科華生物貝瑞基因潤達(dá)醫(yī)療華大基因30046300202200071060310830067650.9015.5152.9910.1398.8028,3877,98018,7915,87139,5300.800.400.760.450.970.940.391.100.530.691.200.441.040.651.191.480.541.280.831.3063.8x38.4x70.1x22.4x102.2x54.0 x39.4x48.1x19.0 x143.1x42.3x34.9x51.0 x15.7x82.7x34

49、.3x28.6x41.3x12.2x76.2x10.5x3.7x9.9x2.3x9.5x9.1x3.4x8.1x2.1x9.2x7.7x3.1x7.0 x1.9x8.5x6.4x2.8x6.0 x1.7x7.8x體外診斷中值14,74253.4x48.1x39.3x32.0 x4.4x4.0 x5.4x4.8x全行業(yè)中值8,15632.0 x31.4x26.5x22.3x2.5x2.4x2.9x2.6x資料來源：萬得資訊，中金公司研究部；注：淺灰色背景表示的是中金覆蓋公司（采用中金預(yù)測），白色背景為未覆蓋公司（采用萬得資訊一致預(yù)期）圖表 7: 港股可比公司估值表公司名稱代碼2020/5/22收

50、盤價(jià)（港元）總市值（百萬港元）每股收益（本幣單位）2018A 2019A 2020E 2021E2018A市盈率2019A 2020E2021E2018A市凈率2019A 2020E2021E企業(yè)價(jià)值倍數(shù)2018A 2019A 2020E2021E凈資產(chǎn)收益率（）2018A 2019A 2020E2021EPEG2019E港股醫(yī)藥綜合體上市公司國藥控股1099.HK18.5057,7321.962.182.462.8012.66.76.015.614.214.314.61.1上海醫(yī)藥2607.HK12.6451,1231.371.441.

51、581.70.70.68.311.410.410.710.80.7白云山874.HK18.7453,1242.121.962.202.51.11.015.716.014.514.714.3n.a.華潤醫(yī)藥3320.HK4.3227,1490.640.520.560.637.08.68.09.610.911.811.90.5市值加權(quán)平均50,261.00.911.19.07.77.413.7

52、12.8中值53,113.512.613.013.10.7港股制藥行業(yè)上市公司石藥集團(tuán)1093.HK58.6023,7020.490.600.710.8227.622.218.616.05.95.04.73.920.716.513.611.622.224.625.525.51.0同仁堂科技1666.HK5.927,5820.530.330.350.379.816.314.812.511.110.610.51.6同仁堂國藥3613.HK9.56

53、8,0030.690.660.700.7917.32.911.821.51.0麗珠醫(yī)藥1513.HK30.1033,0121.161.391.661.9620.317.213.91.81.817.315.113.311.99.711.211.812.10.9中國生物制藥1177.HK11.40143,4370.329.816.335.73.93.910.416.62.2石四藥集團(tuán)2005.HK4.8

54、414,6680.300.380.450.5521.317.114.33.22.714.512.623.724.323.90.7三生制藥1530.HK9.1423,2020.420.510.620.8725.021.317.62.31.916.514.611.59.914.313.615.716.11.0東陽光藥1558.HK28.2512,5542.092.743.514.2217.72.86.730.235.4中國中藥570.HK3.1515,863

55、0.280.350.410.5510.40.4聯(lián)邦制藥3933.HK6.4511,2540.370.390.430.4713.112.811.61.01.04.010.23.0康哲藥業(yè)867.HK8.8921,9650.740.860.991.1711.98.17.824.424.523.321.90.7中國同輻1763.HK17.245,5151.011.031.181.3617.

56、017.014.312.310.912.013.80.9藥明康德2359.HK113.50187,4031.931.962.442.1544.044.535.86.65.859.245.035.327.513.811.613.315.134.3藥明生物2269.HK125.50163,2640.530.811.171.70171.7115.479.655.514.9122.978.350.334.617.22.2李氏大藥廠950.HK3.922,3050.420.320.44

57、0.4810.91.05.713.0n.a.綠葉制藥2186.HK3.8612,5830.400.490.550.651.51.410.68.07.56.516.918.317.818.20.5康臣藥業(yè)1681.HK3.452,9150.530.590.670.71.03.12.721.221.821.420.80.5市值加權(quán)平均100,85631.930.024.74.13.928.424.820.1

58、17.014.713.414.315.011.7中值13,62617.216.313.51.91.810.613.811.413.815.10.9港股醫(yī)療器械行業(yè)上市公司山東威高啟明醫(yī)療1066.HK2500.HK13.0444.0058,97117,7970.35-0.740.42-0.590.470.200.620.6124.5n.a.17.2n.a.16.4n.a.14.596.62.62.017.1n.a.13.2n.a.12.6134.010.547.210.50n.a.12.0n.a.12.92.713.

59、17.90.8n.a.先健科技1302.HK1.707,3470.040.040.050.0534.237.929.828.34.9n.a.n.a.n.a.19.413.711.012.013.0n.a.微創(chuàng)醫(yī)療853.HK23.5040,7940.030.030.030.04301.8298.3288.421.122.99.212.380.5市值加權(quán)平均32,029120.2111.8108.73.12.819.419.218.313.814.428.2中值7,

60、99234.234.926.721.123.619.110.511.012.413.10.6港股醫(yī)療服務(wù)行業(yè)上市公司阿里健康0241.HK18.18235,244-0.01-0.010.000.01n.a.n.a.n.a.n.a.50.249.849.446.9n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.鳳凰醫(yī)療1515.HK3.694,7850.320.330.360.4012.412.711.510.41.0康寧醫(yī)院2120.HK16.001,208