醫(yī)藥行業(yè)2021年報(bào)及2022年一季報(bào)業(yè)績綜述

一、2021年報(bào)及2022年一季報(bào)綜述截至022年4月30日上市司021年和02年季披完，們對藥板塊相公的入利情況行詳梳（收錄了27醫(yī)上司，對康美藥等損巨異值公進(jìn)了除。2021年醫(yī)板可司整收增為14.1，歸凈潤為235，非凈利增為27.1。22一度醫(yī)板比公整收增為1460母凈潤為27.0扣非利增為6.82?？v觀個藥塊我認(rèn)為201年和02年一度夠現(xiàn)續(xù)速增的主要原包球的不反檢苗療藥及應(yīng)的需形成了極顯的塊整業(yè)的助藥品需較盡管情散發(fā)存在一定的擾動，但板塊優(yōu)質(zhì)企業(yè)尤其是龍頭企業(yè)依托于綜合競爭力的優(yōu)勢，普遍兌現(xiàn)較的績長。圖表1 醫(yī)藥行業(yè)收入利潤規(guī)模板塊劃分收入（億元）歸母凈利潤（億元）扣非凈利潤（億元）201A202Q1201A202Q1201A202Q1制藥工業(yè)1011263108317865309醫(yī)療器械251104679378628372醫(yī)藥商業(yè)8912341884916347醫(yī)療服務(wù)70719552175316總計(jì)2299616208760179745i，圖表2 醫(yī)藥行業(yè)收入利潤增速板塊劃分收增速歸母凈利潤增速扣非凈利潤增速201A202Q1201A202Q1201A202Q1制藥工業(yè)1439%9.4%3287%2.3%4038%9.0%醫(yī)療器械1929%5554%1793%7297%1548%7829%醫(yī)藥商業(yè)1158%7.1%3.8%-1906%7.5%7.1%醫(yī)療服務(wù)2772%2897%6.7%5623%6386%5291%總計(jì)1415%1460%2355%2700%2716%3682%i，二、制藥工業(yè)：政策及疫情擾動下整體業(yè)績表現(xiàn)靚麗考慮許醫(yī)企的業(yè)線較豐業(yè)橫跨個分域情已較普，我們將RODMO、學(xué)制劑、化學(xué)原料藥、物制品、中藥等合并為制藥工業(yè)”進(jìn)行分析。從統(tǒng)計(jì)數(shù)據(jù)來看，盡管存在帶量采購等政策影響，但制藥工業(yè)領(lǐng)域的上市公司仍現(xiàn)非靚的績表，分如、疫等績現(xiàn)其出：1021藥業(yè)收入為14.9凈利增為2.87非凈潤增為40.8；2）2022年一季度，受國內(nèi)疫情散發(fā)的擾動，制藥工業(yè)板塊業(yè)績增長有所降速，從具情況藥業(yè)收入為9.4歸利潤為2.5扣利潤速為9.9；圖表3 制工業(yè)板塊務(wù)指標(biāo)項(xiàng)目200A201A變動幅度20Q120Q1變動幅度201A同比09A復(fù)合增速收入增速-0.7%1439%1457%2290%9.4%-1346%6.6%歸母凈利潤增速1868%3287%1419%3654%2.3%-3401%2558%扣非凈利潤增速1486%4038%2552%4088%9.0%-3098%2698%i，考慮制工領(lǐng)公數(shù)量不企間處細(xì)領(lǐng)的爭策壓、成長輯均在大異，們一對前場關(guān)的些心道行分。（一）創(chuàng)新藥近年隨科板興A也始集一量的未利創(chuàng)藥boec目前些boech基都處研投期除瑞達(dá)少幾公外他企業(yè)普仍于損態(tài)但了201和202Q許多boeh了款上市售的產(chǎn)品，逐漸從無收入階段進(jìn)入到商業(yè)化階段。未來隨著產(chǎn)品銷售逐步放量，這些公司望扭為。而從期產(chǎn)新保持年0左獲市水并已開在國上，創(chuàng)新藥板塊有望成為國內(nèi)藥品市場的核心構(gòu)成。繼續(xù)建議密切關(guān)注板塊全部公司的產(chǎn)品管線發(fā)展以產(chǎn)落地能來投機(jī)。圖表4 A股創(chuàng)新藥公業(yè)績情況證券簡稱20A營收21A營收2Q1營收2Q1營收20A歸母21A歸母2Q1歸母2Q1歸母20A扣非21A扣非2Q1扣非2Q1扣非恒瑞醫(yī)藥27.525.66929547963284530149712375961420114711180百濟(jì)神州-U212075890.00.0-13.4-97480.00.0-17.9-99680.00.0君實(shí)生物-U1595402516156.0-1669-7.13.7-3.6-1709-8.43.1-4.0康弘藥業(yè)329536059.58.5-2.04.12.42.7-3.83.12.92.9貝達(dá)藥業(yè)187022466.95.56.63.31.80.43.43.61.00.5榮昌生物0.314260.41.0-6.82.6-1.4-2.7-7.41.6-1.2-2.0凱因科技8.211441.21.20.61.70.10.50.90.10.10.4復(fù)旦張江8.411401.61.11.52.30.50.51.71.3-0.10.1百奧泰-U1.58.70.00.4-5.30.2-1.9-1.0-5.20.6-1.9-1.3南新制藥10886.52.11.71.3-1.70.50.21.5-1.90.70.7艾力斯-U0.15.00.71.1-3.10.8-0.4-0.3-3.7-0.2-0.3-0.7微芯生物2.94.00.51.40.10.2-0.7-0.40.6-0.4-0.3-0.6艾迪藥業(yè)2.92.60.80.50.0-0.00.1-0.20.6-0.60.5-0.7澤璟制藥-U0.81.00.00.4-3.9-4.1-0.0-1.9-3.5-4.8-0.4-1.5神州細(xì)胞-U0.01.40.01.6-7.3-8.7-1.2-1.3-7.8-8.6-1.9-1.4前沿生物-U0.70.10.60.6-2.1-2.0-0.5-0.9-2.0-3.1-0.3-0.8邁威生物-U0.50.60.00.4-6.3-7.0-1.7-2.0-6.0-7.2-1.9-2.1首藥控股-U0.70.30.40.0-3.0-1.5-0.5-0.1-0.9-1.30.0-0.1迪哲醫(yī)藥-U0.80.00.00.0-5.7-6.0-1.5-1.2-3.3-6.20.0-1.4上海誼眾-U0.00.40.00.4-0.2-0.4-0.60.1-0.0-0.80.00.3亞虹醫(yī)藥-U0.00.00.00.0-2.7-2.5-0.6-0.7-1.5-1.50.0-0.5海創(chuàng)藥業(yè)-U0.00.00.00.0-4.0-3.6-0.0-0.7-4.6-3.60.0-0.4i，（二C受益于海外創(chuàng)新藥企的產(chǎn)業(yè)鏈轉(zhuǎn)移、國內(nèi)創(chuàng)新藥大潮的興起、疫情擾動下中國企業(yè)承能力勢凸、冠物大單承CO和DO板在報(bào)一季中現(xiàn)為爆式長態(tài)。1）2021年XO板入增為40.9歸利潤速為9.79，凈利增速為8.51；2）2022年季O板塊入速為6.32歸母利增為25.6，扣凈利潤為75.7；基于中國企業(yè)的資源稟賦和疫情下供應(yīng)能力的比較優(yōu)勢，我們認(rèn)為未來較長周期中項(xiàng)目200A201A變動幅度20Q120Q1變動幅度201A同比09A項(xiàng)目200A201A變動幅度20Q120Q1變動幅度201A同比09A復(fù)合增速收入增速3399%4009%6.0%6819%6632%-1.6%3701%歸母凈利潤增速8680%4979%-3700%23.9%2586%-25.4%6727%扣非凈利潤增速5396%4851%-5.5%16.6%7547%-8569%5121%i，圖表6 CO公司業(yè)績情況證券簡稱21收入增速2Q1收入增速21歸母增速2Q1歸母增速21扣非增速2Q1扣非增速藥明康德3850%7118%7219%9.4%7038%10.2%凱萊英4728%16.8%4808%22.9%4522%27.6%博騰股份4987%16.7%6149%33.3%7442%40.0%九洲藥業(yè)5348%6046%6656%12.3%7786%10.8%美迪西7528%6579%11.2%7109%11.3%7182%泰格醫(yī)藥6332%10.5%6426%1382%7390%6531%康龍化成4500%4119%4168%1.1%6746%3083%藥石科技1755%1744%16.4%1.3%3424%0.8%昭衍新藥4097%3482%7696%3427%8163%6665%義翹神州-3953%-6149%-3615%-6561%-4681%-7090%百普賽斯5630%2773%5034%3166%4058%3358%百誠醫(yī)藥8061%11.6%9352%35.7%8754%28.2%誠達(dá)藥業(yè)1144%2354%-1711%2528%1276%1852%博濟(jì)醫(yī)藥2447%3428%12.7%6911%15.4%2424%睿智醫(yī)藥1411%-0.7%-30.7%48.1%-69.2%-21.4%藥康生物5035%5116%6345%6695%1667%3679%諾泰生物1358%-1922%-6.2%-5945%1096%-6664%成都先導(dǎo)2769%4.7%-1.0%-22.0%-4574%-44.0%和元生物7857%5685%-4255%2878%5369%2618%南模生物4031%3388%3659%1764%6036%-1630%陽光諾和4212%5449%4581%6265%4107%5497%皓元醫(yī)藥5261%3302%4870%1506%4941%9.7%ST百花23.4%2440%-18.1%2800%-12.1%12.0%i，（三原料藥原料塊201承匯率動材成升少分種格多重素的沖，收長同潤端現(xiàn)一的但從2年1情況，上點(diǎn)已較確現(xiàn)：1）2021年原藥收入速為3.77，凈利增為7.28非凈潤增速為7.33；2）202年季，藥板收增為10.7，歸凈潤為8.，非凈利潤為9.4拐已較確現(xiàn)。中期們?yōu)镈O拓原轉(zhuǎn)到期種量因望為塊帶來較多新的增長動力。考慮到去年產(chǎn)業(yè)層面的壓力主要是在二三季度逐步呈現(xiàn)，我們計(jì)202或呈逐向好趨。前塊整已為分建逐配置。圖表7 原料藥板塊財(cái)指標(biāo)項(xiàng)目200A201A變動幅度20Q120Q1變動幅度201A同比09A復(fù)合增速收入增速4.8%1377%9.8%2410%1075%-1336%8.2%歸母凈利潤增速1751%-7.8%-2479%2411%8.3%-1519%4.8%扣非凈利潤增速6657%-7.3%-7390%2687%9.9%-1738%2425%i，圖表8 原料藥公司業(yè)情況證券簡稱21收入增速2Q1收入增速21歸母增速2Q1歸母增速21扣非增速2Q1扣非增速華海藥業(yè)2.4%1842%-4757%-4602%-9272%-1297%普洛藥業(yè)1349%6.5%1700%-2996%2053%-2830%司太立4629%4208%3562%2427%3004%2286%天宇股份-1.4%-1.9%-6932%-3652%-7285%-4983%同和藥業(yè)3599%3089%1580%3322%1772%3661%仙琚制藥7.2%4.6%2209%1547%2646%1626%昂利康7.4%6.6%-2680%1923%-1951%2034%金城醫(yī)藥5.6%5650%-12.9%12.8%-19.1%16.2%博瑞醫(yī)藥3400%3153%4360%2500%4271%2683%新華制藥9.3%3.7%7.9%8.0%0.9%8.2%廣濟(jì)藥業(yè)2164%1.5%4750%-3962%6985%-19.0%新和成4347%1507%2134%5.5%2163%4.7%海翔藥業(yè)0.4%2526%-7021%5217%-7862%3799%ST冠福5.8%-5.9%-1946%11.2%-1420%1838%永安藥業(yè)3347%3157%5.5%54.3%1126%11112%海普瑞1938%5067%-7649%6374%-8478%4483%爾康制藥-6.7%1109%-41.5%-5751%-16904%-6129%溢多利-1.8%6.7%-13.3%-25.3%-29.2%-23.9%花園生物8167%14.7%7624%6534%1354%9227%山河藥輔1610%1099%-4.9%8.6%-5.3%6.2%富祥藥業(yè)-4.5%1.2%-8471%-6239%-6289%-6263%賽托生物3170%-6.8%-10.4%-37.8%-11.0%-21.5%新諾威8.0%2522%5.5%3235%1342%4350%共同藥業(yè)2623%-1507%4699%-1462%1387%-1330%拓新藥業(yè)-4.2%-1022%-4175%-5.7%-4104%-7.9%亨迪藥業(yè)-8.2%6.1%-2762%-2345%-3975%-2537%富士萊9.0%2323%-1478%4850%-1483%2396%浙江醫(yī)藥2460%-8.9%4571%-2.7%6744%-1.7%海正藥業(yè)6.9%-2.6%1671%7.8%27.4%2312%圣達(dá)生物-8.5%-3.2%-6163%-1107%-7543%-2522%奧翔藥業(yè)3921%4245%6805%6118%5603%6354%威爾藥業(yè)4161%2777%0.2%5.4%1252%6.6%美諾華5.0%4786%-1484%12.4%5646%14.5%奧銳特1136%1745%7.1%2542%7.7%4266%東亞藥業(yè)-1922%3445%-4017%-8.7%-5388%-1041%國邦醫(yī)藥7.1%2.6%-1284%8.6%-1267%8.2%鍵凱科技8818%4423%10.6%4541%8974%2308%納微科技11.4%11.0%15.5%17.3%17.9%17.6%森萱醫(yī)藥3.4%3106%-8.5%2373%-5.1%1370%i，（四化學(xué)仿制藥在國內(nèi)市場，帶量采購及其他控費(fèi)政策均對化學(xué)仿制藥領(lǐng)域構(gòu)成了一定的沖擊。不過2021年起隨外主非集市的略路步明標(biāo)業(yè)家設(shè)定來越友好，我們已經(jīng)看到了政策溫和化的趨勢。從統(tǒng)計(jì)數(shù)據(jù)來看，化學(xué)仿制藥企業(yè)的業(yè)績在201實(shí)了為的恢性長。1）201年化仿板塊入為7.8歸母利增為37.4，扣凈利潤增為0.15；2）2022年一季度，受疫情散發(fā)的影響，化學(xué)仿制藥板塊收入和利潤增長有所放緩，中收增為320，母凈潤速為0.23扣非利增為2.27。圖表9 化學(xué)仿制藥板財(cái)務(wù)指標(biāo)項(xiàng)目200A201A變動幅度20Q120Q1變動幅度201A同比09A復(fù)合增速收入增速-7.9%7.8%1437%1502%3.0%-1182%-0.7%歸母凈利潤增速9.2%3749%2787%1981%-0.3%-2004%2277%扣非凈利潤增速9.2%4015%3033%2946%1227%-1719%2406%i，圖表10 化仿制藥公業(yè)績情況證券簡稱21收入增速2Q1收入增速21歸母增速2Q1歸母增速21扣非增速2Q1扣非增速豐原藥業(yè)5.3%1143%1049%3104%2138%0.9%麗珠集團(tuán)1467%3.6%3.4%6.7%1366%1561%海南海藥-6.2%1.4%16.8%-8831%5555%-4159%東北制藥1030%1649%70.3%7665%21.5%3655%通化金馬3631%-6.4%-19.1%4219%-14.2%36.1%北大醫(yī)藥1312%-5.1%1011%-4838%-2.4%-4704%德展健康-2372%-8.7%-10.4%-5256%-10.5%-5200%景峰醫(yī)藥-7.0%5008%-8468%-8788%-6577%-15.4%華特達(dá)因1132%2374%3078%4318%3351%4580%中關(guān)村9.9%1671%-57.4%-1.3%-92.1%-1043%華東醫(yī)藥2.1%0.0%-1838%-7.2%-9.1%0.9%華邦健康1363%2056%2.1%3867%7.3%3449%億帆醫(yī)藥-1836%-2453%-7125%-8.0%-7441%-3190%京新藥業(yè)2.9%6.3%-5.8%6.1%1549%2891%恩華藥業(yè)1709%9.9%9.6%1245%9.9%1269%信立泰1168%2211%77.0%5309%72788%2288%亞太藥業(yè)-3880%-1351%-96.6%2059%6691%-2903%力生制藥-4.9%-6.5%13731%1636%47237%1857%科倫藥業(yè)4.4%7.7%3294%6608%6514%7052%長江健康3.5%-1344%-26.4%-2951%-43.2%-5383%譽(yù)衡藥業(yè)2.6%9.8%-8874%-9544%-9136%4976%千紅制藥1243%4116%-27.6%13.3%-2418%5575%海思科-1671%-2281%-4580%-9088%-7591%-6666%東誠藥業(yè)1442%-1.8%-6372%-1790%-6696%-1656%奧賽康-1787%-4251%-4735%-8914%-5150%-9090%羅欣藥業(yè)6.7%2495%2599%-4811%2006%-4827%易明醫(yī)藥2038%1784%3.7%6216%2129%5807%賽隆藥業(yè)10.3%-8.1%-6528%-3793%-5905%-20.8%哈三聯(lián)-2936%1152%10677%-10.1%60.2%-19.5%潤都股份-5.1%-0.3%2.7%8.9%1133%9.8%立方制藥2001%1448%2747%1304%2875%9.3%萊美藥業(yè)-2263%-4485%-6924%-13.9%-6271%60.4%北陸藥業(yè)2.0%-1718%-2846%-2218%-3836%-2673%華仁藥業(yè)1855%1227%3781%0.6%3893%9.4%振東制藥5.7%-3127%89.2%-9063%-2593%-9601%福安藥業(yè)3.8%-1488%-21.1%-3944%-23.9%-4297%翰宇藥業(yè)1.7%-6.6%-15.6%-35.0%-3601%-1033%仟源醫(yī)藥9.0%-1405%-6515%-21.6%-5382%3075%常山藥業(yè)2556%-1918%-7.2%-5675%-1072%-5857%金石亞藥3553%-1642%-19.7%-1562%-18.5%-1844%興齊眼藥4926%4573%12.1%12.6%11.9%12.4%海辰藥業(yè)-1812%-7.5%41.1%-6.8%-5466%-7.6%普利制藥2694%3458%2.5%3344%6.9%2553%九典制藥6640%6147%14.9%2049%16.7%4720%一品紅3126%0.8%3604%1727%2495%1020%多瑞醫(yī)藥8.5%-4023%-2553%-5910%0.5%-9262%粵萬年青2.9%-5.1%-8.4%2741%-2.9%-5.2%西點(diǎn)藥業(yè)-0.3%-1466%4.8%-2522%6.6%-1843%泰恩康-7.0%3081%-2534%21.0%-2913%44.0%華潤雙鶴7.4%4.9%-6.1%1599%-9.6%1948%人福醫(yī)藥0.5%1048%2099%20.5%4139%2057%江蘇吳中-5.4%-1842%-14.9%-9198%-4605%14.2%健康元1762%1236%1857%2552%2672%3647%國藥現(xiàn)代1106%-1742%-1241%-6483%-3.2%-6956%天藥股份2027%5.9%4323%-1130%-2946%-1119%聯(lián)環(huán)藥業(yè)1874%2179%1538%1958%1456%1615%神奇制藥2661%6.1%-10.1%7.4%-11.1%4.3%復(fù)旦復(fù)華1074%-1219%7672%3145%10.8%-7021%哈藥股份1866%1188%-14.3%2121%-10.4%8858%東陽光2340%8.8%11.6%12296%-30.0%-20625%ST輔仁-4662%-2930%3892%36.3%-2309%-魯抗醫(yī)藥1630%1.0%-6371%-7.2%24.1%-4567%華北制藥-9.4%-6.5%-8076%-13.2%-2054%-12.1%海欣股份6203%1910%1064%1538%1469%6.4%莎普愛思7580%-2.8%-19.8%16.4%-14.4%2138%辰欣藥業(yè)2.5%-0.5%-2385%-1099%-2638%-1207%靈康藥業(yè)-2604%-5401%-5883%-4144%-5637%-4759%衛(wèi)信康4443%5162%6416%10.1%10.6%10.4%健友股份2648%3324%3141%2096%3347%2368%誠意藥業(yè)-8.6%-6.5%3.2%-3691%4.8%-3358%圣諾生物2.5%-1344%2.9%2264%1238%2.9%苑東生物1096%2156%3046%2428%2150%2399%匯宇制藥-W3369%9.8%2987%-1149%2622%-1737%吉貝爾-9.4%1561%-1142%5.5%-1834%1044%華納藥廠2061%2312%1085%1.3%1090%1094%梓橦宮1606%1075%2700%8370%3765%1.9%德源藥業(yè)2956%2425%2167%3511%1181%1691%i，（五中藥中藥板塊總體平穩(wěn)增長，2021年板塊收入同比增速為9.31%，扣非凈利潤同比增速為12.30；2Q1板收比增為25扣凈潤同增為176。值得別注年國家中藥業(yè)支力度斷施節(jié)步清。從年報(bào)一季報(bào)來看，片仔癀、同仁堂、華潤三九、東阿阿膠等龍頭均取得了較好的業(yè)增長，其他部分中小市值企業(yè)也呈現(xiàn)出較好的增速。建議著重關(guān)注政策持續(xù)支持下中板塊后經(jīng)趨變。圖表1 中藥板塊財(cái)務(wù)標(biāo)項(xiàng)目200A201A變動幅度20Q120Q1變動幅度201A同比09A復(fù)合增速收入增速-2.7%9.1%1178%2021%2.0%-1771%3.5%歸母凈利潤增速1702%9.0%-7.2%2078%-5.1%-2649%1299%扣非凈利潤增速1635%1230%-4.5%3201%1.6%-3024%1430%i，圖表12 中藥公司業(yè)績況證券簡稱21收入增速2Q1收入增速21歸母增速2Q1歸母增速21扣非增速2Q1扣非增速華潤三九1234%2.1%2813%3045%3881%2796%以嶺藥業(yè)1519%-2580%1027%-2822%8.0%-2667%康芝藥業(yè)-9.3%-4090%1765%5476%-26.6%6029%廣生堂0.3%1.8%-35.3%-65.0%-33255%10593%圣濟(jì)堂1321%3088%-13.8%-31.4%-25.6%-37.6%悅康藥業(yè)1445%2.8%2334%-9.8%3017%-1492%東阿阿膠1289%2140%91.3%8601%-92.7%10.3%云南白藥1109%-8.0%-4917%1981%1517%-3.4%啟迪藥業(yè)9.4%2043%5596%-3890%2037%-3203%仁和藥業(yè)2021%1090%1694%3.7%1297%-1.4%華神科技2450%3911%8751%-1948%5008%-3359%金陵藥業(yè)1218%-1.2%8519%1212%-1553%7.1%九芝堂6.1%4.0%-0.9%1558%-3.7%1105%吉林敖東2.1%2155%4.9%-8485%1241%-4097%沃華醫(yī)藥-6.0%2.3%-8.6%-4711%-6.0%-4741%萊茵生物3440%2776%3774%7844%5895%12.5%嘉應(yīng)制藥5.0%-1.3%-9255%-6734%-9859%-6543%桂林三金1115%2032%2408%2292%3.6%2036%奇正藏藥1993%2505%7645%-1581%0.3%1638%眾生藥業(yè)2813%9.3%-15.8%3141%-17.6%1249%精華制藥5.7%2219%4478%1796%2995%1017%信邦制藥1071%8.0%5725%1.0%4574%6.2%漢森制藥2032%5.2%2704%1332%3513%1408%貴州百靈0.7%-1.1%-1849%4.5%1159%1262%益盛藥業(yè)4.9%-1.5%1994%-1.3%2772%-1581%佛慈制藥2239%3350%-1366%-6.6%22.3%10.5%特一藥業(yè)1983%-0.2%18.6%9.9%23.1%4649%葵花藥業(yè)2886%-1.0%2058%-2.6%2831%-5.0%龍津藥業(yè)17.5%-7692%-7381%-6843%30.5%-62.7%盤龍藥業(yè)3240%1370%1777%1321%2934%5.5%新天藥業(yè)2915%1610%3576%2173%3221%1955%華森制藥-4.2%-1175%-2299%-1953%-9.6%-2178%紅日藥業(yè)1822%5.0%1987%2334%3392%6.9%上海凱寶2121%1.5%3203%0.0%3163%1.4%香雪制藥-3.0%-2241%-79.1%-30.5%-59.2%-53.0%佐力藥業(yè)3360%2918%10.3%5697%10.7%5577%新光藥業(yè)1335%6.1%1546%9.5%2047%8.6%隴神戎發(fā)1291%1242%-57.0%21.2%55.7%-17.7%維康藥業(yè)1.4%3896%-2895%1306%-2240%1.3%金花股份-2008%1161%-18.2%2292%3831%14.5%同仁堂1386%6.7%1900%2561%1952%2514%太極集團(tuán)8.0%6.8%-81.8%-2003%2560%10.4%西藏藥業(yè)5575%3274%-5003%1113%-8174%2768%太龍藥業(yè)1323%1.2%-7950%-9133%15.1%-9225%中恒集團(tuán)-1400%-4454%-4547%-5244%-8277%-4597%羚銳制藥1552%1573%1108%3541%1846%1599%中新藥業(yè)4.0%3.2%1624%-6.7%1688%-2.3%白云山1190%2.6%2760%1095%2583%1085%亞寶藥業(yè)6.1%-1247%7425%1028%12.0%1600%昆藥集團(tuán)6.5%2471%1112%-4127%-1513%2147%片仔癀2320%1730%4546%2193%5140%2078%千金藥業(yè)1.2%4.4%1.8%5.3%-2.5%-3.8%天士力-4143%5.7%10.1%-22.2%-2684%-8.9%康緣藥業(yè)2034%2516%2192%3094%8.3%3469%濟(jì)川藥業(yè)2377%1343%3460%3236%2615%2290%康恩貝4.9%0.3%34.4%11.5%87.6%5849%益佰制藥-1.5%-1660%6.6%-2879%-1.0%-2801%江中藥業(yè)1772%3738%6.4%1528%-4.8%2120%廣譽(yù)遠(yuǎn)-2300%2516%-18817%5006%39315%61.6%健民集團(tuán)3348%9.0%11.3%2595%11.6%2039%馬應(yīng)龍2126%1024%1087%1730%3196%1539%康惠制藥6.3%2168%6.4%-3.4%-4295%8.1%貴州三力4899%2286%6208%1.3%4525%-4.4%珍寶島2108%3822%-2388%1.2%-7792%1479%步長制藥-1.2%-4.9%-3072%5.1%-3031%-2970%壽仙谷2061%1699%3237%4307%4519%4889%大理藥業(yè)-1971%-1874%-19625%-19160%32254%20.1%方盛制藥2254%2549%9.9%4542%3077%1695%葫蘆娃1653%2940%-4063%2622%-3800%3109%生物谷2545%2471%1141%-9485%3642%-4894%大唐藥業(yè)8.5%-2562%1.1%-4509%9.3%-5902%i，（六疫苗2021年和022一，疫板在飛物萬泰物龍企的動下整體增長勁。1021苗塊增為41.1母潤增為9.18扣利潤速為10247；2022年季疫塊收增為0.10母凈潤為20.8扣非利潤增為9.19；2021年新疫接高峰新疫相關(guān)收入利顯增加著新病毒長期共存趨勢逐漸確立，新的變異株仍然在不斷出現(xiàn)，短期國內(nèi)序貫加強(qiáng)及未來常規(guī)種需有延，議續(xù)緊關(guān)各企新變異及技路疫研發(fā)展。而P三肺等新冠苗去2仍保持快增的勢整體值水平也經(jīng)為宜預(yù)市場注有逐從情受轉(zhuǎn)到期求。圖表13 疫苗板塊財(cái)務(wù)標(biāo)項(xiàng)目200A201A變動幅度20Q120Q1變動幅度201A同比09A復(fù)合增速收入增速1704%4141%2437%4043%4010%-0.2%2865%歸母凈利潤增速5654%6918%1264%7998%2058%-5940%6274%扣非凈利潤增速4089%10.7%6158%9591%3919%-5672%6889%i，圖表14 疫苗公司業(yè)績況證券簡稱21收入增速2Q1收入增速21歸母增速2Q1歸母增速21扣非增速2Q1扣非增速智飛生物10.9%12.6%20.3%10.5%20.8%10.5%萬泰生物14.5%28.5%19.9%36.8%21.2%36.5%沃森生物1782%5127%-5736%2009%-1733%2995%康泰生物6151%21.0%8601%98.1%9190%27378%康華生物2444%1248%10.8%3460%3780%2460%華蘭疫苗-2459%3267%-3286%-7939%-3488%-6739%遼寧成大8.3%-1038%-2208%-4829%10.5%-4693%康希諾177.3%6.8%-52.5%-90.2%-41.4%-51.6%百克生物-1660%-4427%-4177%-6876%-4187%-6905%歐林生物5218%-1561%19.2%-13.0%25.4%-14.1%金迪克-3341%-5850%-4679%-5011%-5934%3.9%成大生物4.3%-3846%-2.0%-4616%2.3%-5321%復(fù)星醫(yī)藥2870%2887%2928%-4541%2060%2173%i，（七血制品及其他生物品2021年和022年季，血品其生制板塊體持快長態(tài)。1）2021年，血制品及其他其他生物制品板塊收入增速為1685%，歸母凈利潤增速為23.55，非利增為19.8；2）202年季，品及他物品塊入增為17.4歸利潤速為25.86，非利增為14.5；圖表15 血制品及其他物制品板塊財(cái)務(wù)指標(biāo)項(xiàng)目200A201A變動幅度20Q120Q1變動幅度201A同比09A復(fù)合增速收入增速-5.5%1685%2220%1918%1746%-1.3%5.6%歸母凈利潤增速4.9%2355%1917%4305%2586%-1720%1356%扣非凈利潤增速3.2%1958%1617%4576%1425%-3151%1121%i，在血品其生制企業(yè)1長高依于生激的速仍保高速增長態(tài)2血品總體長健圖表16 血制品及其他物制品公司業(yè)績情況證券簡稱21收入增速2Q1收入增速21歸母增速2Q1歸母增速21扣非增速2Q1扣非增速四環(huán)生物-3056%-2896%-27.6%7543%-23.3%7523%萬澤股份1877%-1.5%2420%-2588%25.9%-4092%長春高新2530%3040%2333%3016%2676%2869%雙鷺?biāo)帢I(yè)9.7%8.9%1679%-3107%7333%1083%未名醫(yī)藥4547%5.4%-28.1%-9248%-20.2%-12.2%雙成藥業(yè)1887%-1257%-6189%-11.2%-3240%-4.5%安科生物2747%1001%-4244%3767%-5008%3397%舒泰神3741%6.3%3.9%2261%-2.8%2084%東寶生物3639%6513%9774%41.3%12.3%89.2%我武生物2695%2000%2138%3021%2078%2768%賽升藥業(yè)-3.7%-1760%15.9%15.3%-1557%-3904%海特生物1728%5.1%-20.0%-4707%-13.5%-10.3%優(yōu)寧維3069%2.3%4215%1.1%4230%0.9%諾思蘭德3721%8649%10.1%7601%11.4%4705%南京新百9.9%-5.7%4519%-2392%5106%-2652%通化東寶1299%7.5%4069%14.0%1568%1563%甘李藥業(yè)7.4%2577%1804%-4039%1151%4757%康辰藥業(yè)0.4%-2599%-1929%-2789%-2403%-8874%科興制藥5.2%-2.5%-3067%-3749%-6585%-3687%賽倫生物1247%1204%2107%1587%2306%1222%特寶生物4261%6016%5544%6790%7736%9245%三生國健4180%3.4%-18.0%-11.2%-9619%-8594%三元基因9.7%-1312%1238%1872%-0.7%1844%南華生物-1079%9564%-34.4%-8329%-69.6%-12.5%派林生物8780%7567%11.9%8724%6143%10.3%華蘭生物-1169%2.7%-1948%-7.9%-1871%-0.4%上海萊士5526%9732%-2.1%2863%3.6%2706%衛(wèi)光生物0.2%-0.2%7.0%-6.3%6.8%-5.6%博雅生物5.7%4.9%3248%2.0%1800%9.8%天壇生物1935%-1680%1894%-1750%2112%-2283%i，三、醫(yī)療器械：高基數(shù)上仍實(shí)現(xiàn)較好增長，新冠抗原檢測試劑快速放量在新疫下新核檢測劑口護(hù)服額溫護(hù)吸機(jī)便攜、移動R醫(yī)器產(chǎn)普遍現(xiàn)需井得醫(yī)器板從020開始現(xiàn)爆發(fā)式長態(tài)。2021年來著疫品供關(guān)趨緩和分防產(chǎn)價(jià)從位落導(dǎo)相關(guān)企業(yè)收入下降；但是新冠抗原檢測試劑銷售放量和常規(guī)業(yè)務(wù)的恢復(fù)性增長帶動醫(yī)療器板在221和202一季的入和潤仍實(shí)較增。外龍頭業(yè)邁瑞醫(yī)的續(xù)健長板塊增也較貢。1021療械收入為19.9凈利增為7.93非凈潤增為15.8；2022年季醫(yī)械板收增為5.54母利增為7.9扣非凈利增為8.29。此次疫情中，國內(nèi)許多醫(yī)療器械企業(yè)，在資金儲備、全球銷售渠道、品牌等層面均得了大幅強(qiáng)化，除短期獲益外也進(jìn)一步強(qiáng)化了企業(yè)的中長期競爭力，優(yōu)質(zhì)器械企業(yè)的內(nèi)增長力得注。圖表17 醫(yī)療器械板塊務(wù)指標(biāo)項(xiàng)目200A201A變動幅度20Q120Q1變動幅度201A同比09A復(fù)合增速收入增速6204%1929%-4275%11.2%5554%-6429%3904%歸母凈利潤增速16.0%1793%-12.7%28.9%7297%-21.3%7530%扣非凈利潤增速19.0%1548%-17.1%32.7%7829%-26.8%8379%i，圖表18 醫(yī)療器械公司績情況證券簡稱21收入增速2Q1收入增速21歸母增速2Q1歸母增速21扣非增速2Q1扣非增速邁瑞醫(yī)療2018%2010%2019%2274%2004%2220%英科醫(yī)療1737%-6603%6.4%-9777%5.2%-9751%東方生物21.3%11.8%19.3%7420%19.0%7599%達(dá)安基因4349%4369%4774%4885%4941%4986%中紅醫(yī)療2.4%-7481%-1207%-9561%-1519%-9804%熱景生物94.4%1114%18041%0.7%18553%0.4%圣湘生物5.2%2381%-1429%4.8%-1705%5.4%樂普醫(yī)療3261%-7.8%-4.8%-2489%3129%-1983%明德生物19.5%26.1%20.7%30.5%20.8%30.4%華大基因1942%-8.2%-3008%-3706%-3371%-4388%魚躍醫(yī)療2.1%9.0%-1573%1.1%-1890%-1059%碩世生物6319%7769%4559%6290%4583%6364%健帆生物3715%2046%3674%1832%3517%1783%安圖生物2645%2621%3020%4007%4103%3736%邁克生物7.7%-1354%2049%-3558%2183%-3546%新產(chǎn)業(yè)1597%3953%3.8%8346%3.6%9817%凱普生物9734%14.7%13.7%19.4%13.5%20.5%博拓生物11.9%10.3%9157%11.5%9213%10.2%九安醫(yī)療1936%66679%27.6%372.5%23.4%756914%東富龍5483%7267%7859%9144%9200%9578%之江生物1.2%2343%-1861%-1290%-2068%-1308%奧泰生物6498%62.7%1273%59.8%8.5%61.2%安旭生物3247%27342%1380%31787%1267%31351%科華生物2.1%-7106%6.6%-9349%6.2%-9387%威高骨科1808%-1931%2362%-1199%2579%-1296%諾唯贊1944%8007%-1746%2818%-2090%2579%大博醫(yī)療2568%1494%1117%-1458%1148%-2231%山東藥玻1308%1253%4.2%-1.3%3.0%0.2%萬孚生物1957%27.7%0.4%48.2%-6.4%53.0%楚天科技4708%2014%18.5%2205%29.6%2715%振德醫(yī)療5104%-3659%-7663%-5599%-8006%-5777%歐普康視4874%2935%2802%7.4%2287%2866%海爾生物5163%3622%12.2%-7296%3297%7.3%九強(qiáng)生物8858%-0.9%26.9%-1253%23.6%-1223%新華醫(yī)療3.2%-1605%13.8%-1284%9707%2146%基蛋生物2478%10.0%3093%24.6%4935%24.5%可孚醫(yī)療4.9%-7.2%1.6%-6149%-1007%-6156%奧美醫(yī)療2370%2102%-6275%3561%-6766%4187%康泰醫(yī)學(xué)3515%-2953%-4256%-3615%-4239%-3611%奕瑞科技5143%4627%11.9%3547%7229%6510%昊海生科3261%2379%5310%-3717%5888%-3648%春立醫(yī)療1818%1345%1376%8.9%1122%1005%拱東醫(yī)療4395%3271%3768%1977%3768%3284%心脈醫(yī)療4559%3059%4717%2144%5108%1966%南微醫(yī)學(xué)4677%1250%2454%-3512%2971%-3182%康德萊1707%2881%4371%5567%3923%3999%艾德生物2590%1860%3286%2346%4654%2582%華蘭股份8392%-2216%16.2%-2422%17.8%-4540%理邦儀器2942%-2350%-6457%-6021%-6864%-7080%迪瑞醫(yī)療3.5%1407%-2139%4.8%-1.9%0.2%亞輝龍1791%48.5%-2.5%12779%-2.7%13626%諾禾致源2526%5.3%51.4%-4266%69.1%2.0%美康生物2.9%8.0%-4007%-7.2%3497%-2583%開立醫(yī)療2420%3153%-64.3%4136%-25.4%7559%惠泰醫(yī)療7285%6508%8770%4155%7145%5070%普門科技4050%2770%3223%2436%3225%3027%正海生物3645%1528%4244%2507%4635%2755%萬東醫(yī)療2.4%-1225%-1698%-4973%-2921%-4937%翔宇醫(yī)療5.5%-1557%2.7%-7225%-2.7%-8269%偉思醫(yī)療1366%-3253%2377%-4562%1698%-6488%愛博醫(yī)療5861%5554%7745%6300%6691%6515%三鑫醫(yī)療2381%3061%3484%3937%4368%5322%三友醫(yī)療5197%9.8%5720%1076%3283%3325%采納股份1247%3946%-4.3%6.0%12.1%5.1%科美診斷1257%0.5%2199%2.4%2217%-4.9%透景生命3370%2230%3362%-7710%2404%-8551%濟(jì)民醫(yī)療2516%1250%22602%7694%39.8%5499%維力醫(yī)療1.7%3685%-3071%7010%-3482%7515%奧精醫(yī)療2846%2510%3580%-2732%1834%-4664%三諾生物1717%2327%-4244%4522%-4510%5701%海泰新光1253%3921%2219%3698%1202%3419%賽科希德7.8%-2.9%4073%-6.0%2819%-6.7%正川股份5870%4426%10.5%3072%9611%2995%福瑞股份1126%1829%5422%-3121%3462%-2915%凱利泰1950%3.9%-27.5%3813%-19.7%4150%華康醫(yī)療1299%6620%5467%-2184%5419%-2931%祥生醫(yī)療1943%2304%1288%9.5%-1395%1091%康眾醫(yī)療0.1%-5709%1324%-12.8%9.0%-10.9%浩歐博4320%2475%5224%1.9%7149%-2.8%天益醫(yī)療9.6%1.7%-1016%-2019%4222%-3128%戴維醫(yī)療3.8%2.2%-4111%-5643%-4589%-8617%康拓醫(yī)療2954%3015%5583%2925%4634%6368%安必平1693%2068%-5.6%-2640%-1128%-1820%藍(lán)帆醫(yī)療3.4%-5901%-3428%-13.5%-9643%-14.3%仁度生物1697%7.3%5.8%-1354%7.7%-1411%中源協(xié)和1641%7.0%-22.3%-2136%-16.0%5.2%冠昊生物1191%-4.9%5814%1936%4952%2508%愛朋醫(yī)療4.9%-2885%-4424%-17.5%-4537%-18.0%黃山膠囊1893%-2.8%2570%2936%3254%1216%澳華內(nèi)鏡3182%1377%20.6%-6380%28.0%-7820%寶萊特2185%2022%-8157%-4331%-8674%-4663%佰仁醫(yī)療3842%2634%-9.2%5354%-1298%4819%睿昂基因2.1%-2547%2226%-14.3%0.9%-14.2%尚榮醫(yī)療2104%-1194%-6344%-7987%-7920%-8492%鹿得醫(yī)療3.2%-1421%-2980%-3848%-3407%-2098%天臣醫(yī)療3085%1048%1852%-4383%9.4%-4312%愛威科技1691%-2.6%3.0%-1117%-9.4%-2708%邁普醫(yī)學(xué)2451%1463%2101%-3107%4.6%-4384%錦好醫(yī)療9.4%-1.2%-4472%-1083%-4504%-8.5%利德曼1963%6555%-13.7%9314%-12.5%9782%陽普醫(yī)療1299%-2212%-8857%-23.0%-9840%-25.9%樂心醫(yī)療3623%-2879%-8736%-9009%-9638%-15.3%南衛(wèi)股份5082%0.6%-13.1%-2631%-15.2%-2710%天智航-U1480%-2384%4674%1760%3358%1378%貝瑞基因7.7%-6.1%-12.0%-16.5%-23.0%-19.2%賽諾醫(yī)療4064%11.7%-61.6%-2881%-11729%-2768%博暉創(chuàng)新3.4%1023%-49341%2647%-83339%2567%ST和佳2109%-3873%-74.1%-17.9%-12728%-24.8%i，四、醫(yī)藥商業(yè)：高基數(shù)及疫情擾動下，零售業(yè)績略有放緩醫(yī)藥商業(yè)板塊總體運(yùn)行平穩(wěn)，板塊增長與行業(yè)增速相近。01年板塊收入同比增速為1.58，非利同增為7.5；21收入比為7.1扣非利潤同比為7.7。具體看：連藥龍的績速在201和222年1有所我認(rèn)主由于2020年高及201疫控等素響期醫(yī)藥售業(yè)備增長力且集中提仍空。目前低估水下我們?yōu)閴K備健資價(jià)。藥通業(yè)局本穩(wěn)，體速緩企業(yè)偏較。圖表19 醫(yī)藥商業(yè)板塊務(wù)指標(biāo)項(xiàng)目200A201A變動幅度20Q120Q1變動幅度201A同比09A復(fù)合增速收入增速9.0%1158%1.8%3007%7.1%-2306%1064%歸母凈利潤增速1551%3.8%-1193%4951%-1906%-6857%9.8%扣非凈利潤增速1049%7.5%-2.4%2438%7.1%-1667%9.1%i，圖表20 醫(yī)藥商業(yè)公績情況證券簡稱21收入增速2Q1收入增速21歸母增速2Q1歸母增速21扣非增速2Q1扣非增速一心堂1526%1653%1666%-3117%1941%-3481%上海醫(yī)藥1246%1027%1328%-4099%4.0%2.8%九州通1042%7.3%-2038%-4048%-2480%1352%老百姓1238%1381%7.5%6.6%5.4%1275%益豐藥房1660%1429%1557%1282%1625%1412%漱玉平民1470%3399%-4688%3161%-5558%6160%第一醫(yī)藥-1189%1846%-2790%-3774%-4866%-3769%大參林1492%152