醫(yī)藥生物2023年三季報(bào)總結(jié)：情緒回暖靜候反彈

E-mail:SAC編號:分析師:E-mail:SAC編號:聯(lián)系人:E-mail:SAC編號:聯(lián)系人:E-mail:SAC編號:聯(lián)系人:E-mail:SAC編號engzhouyu@S0870523040002021-53686155zhanglinwan@S0870523010001021-53686246wangzhenzhen@shzq.comS0870122020012litiancheng@S0870123060009021-53686160youjingyi@S0870122080015《國產(chǎn)創(chuàng)新藥屢創(chuàng)“出海”佳績，看好板塊疫情后我國診療行為回歸正軌的大環(huán)境下，未來隨著國競爭力進(jìn)一步提升；我們認(rèn)為中國創(chuàng)新藥企正從Bi具有一定的消費(fèi)屬性，滋補(bǔ)效用在大眾認(rèn)知中較為突出，中藥產(chǎn)品的制劑、特色改良制劑；建議關(guān)注多渠道協(xié)同、商業(yè)化優(yōu)勢顯著的綜合仍保持增長，離焦鏡增速較快。未來隨著收并購持續(xù)推進(jìn)，全國眼科醫(yī)療服務(wù)網(wǎng)絡(luò)布局日漸完善，提升整體競爭響減弱，業(yè)績有望迎來反轉(zhuǎn)的低值耗材相關(guān)標(biāo)的；2）進(jìn)口替代率低，建議關(guān)注誠益通、昌紅科技、百奧泰、濟(jì)民醫(yī)療、信邦制藥、和黃醫(yī)請務(wù)必閱讀尾頁重要聲明2 3 5表 4請務(wù)必閱讀尾頁重要聲明3綜指7.96pct。港股恒生醫(yī)療保健指數(shù)下跌1在全球老齡化加劇、疫情后我國診療行為回歸正軌的大環(huán)境下，期，出海競爭力進(jìn)一步提升；我們認(rèn)為中國創(chuàng)新藥中藥：板塊業(yè)績增長顯著，一定程度由于去年同期低基數(shù)影響，中藥具有一定的消費(fèi)屬性，滋補(bǔ)效用在大眾認(rèn)知中較為化學(xué)制劑：行業(yè)深化變革，看好集采推動(dòng)放量的潛力品種，以及復(fù)雜制劑、特色改良制劑；建議關(guān)注多渠道協(xié)同、商業(yè)疫苗：HPV疫苗、肺炎疫苗、流感疫苗、帶狀皰疹疫苗的銷時(shí)間，企業(yè)經(jīng)營承壓；轉(zhuǎn)型CDMO或“原料藥+制劑”一體化月出現(xiàn)明顯好轉(zhuǎn)趨勢；未來隨著藥店納入統(tǒng)籌請務(wù)必閱讀尾頁重要聲明4鏡增速放緩，但仍保持增長，離焦鏡增速較快。未來隨著收整體競爭力。端放緩影響減弱，業(yè)績有望迎來反轉(zhuǎn)的低值耗材相建議關(guān)注誠益通、昌紅科技、百奧泰、濟(jì)民醫(yī)療、信邦制藥、和黃醫(yī)藥、康諾亞、邁威生物、維力醫(yī)療、普門科技、開立醫(yī)療分類公司代碼公司簡稱總市值(億元)Q1-3營業(yè)收入(億元)yoyQ1-3歸母凈利潤(億元)yoyQ3營業(yè)收入(億元)yoyQ3歸母凈利潤(億元)yoyPETTM中藥000999.SZ華潤三九426186.0853.6%24.0323.1%54.6247.23%5.251.20%002390.SZ信邦制藥9548.232.9%2.472.3%15.671.56%0.91-17.33%41603896.SH壽仙谷745.436.9%1.397.1%1.718.24%0.492.09%26600535.SH天士力22265.717.1%10.32400.0%21.793.81%3.25349.03%20000989.SZ九芝堂9123.70-3.8%2.89-26.2%5.51-3.99%0.4491.92%35603567.SH珍寶島12234.323.5%4.76210.1%8.450.90%1.32254.00%24600332.SH白云山461581.856.2%37.919.1%182.143.58%9.8010.81%化學(xué)制藥000963.SZ華東醫(yī)藥754303.959.1%21.8910.5%100.093.61%7.5517.84%28000739.SZ普洛藥業(yè)20385.0012.6%8.5129.5%25.46-0.76%2.5013.61%688658.SH悅康藥業(yè)7929.58-15.5%1.52-54.6%7.58-51.83%-0.55-128.07%52688578.SH艾力斯17413.48160.3%4.10661.0%5.99175.67%2.02643.57%36002653.SZ海思科28623.8413.7%2.0194.8%10.1419.40%1.26278.18%76688321.SH微芯生物963.493.8%1.08356.1%1.07-10.66%-0.48-107.68%57002020.SZ京新藥業(yè)11429.264.5%4.730.2%9.896.65%1.57-10.31%000513.SZ麗珠集團(tuán)28596.551.8%16.026.3%29.65-6.93%4.67-4.55%600380.SH健康元221126.51-2.8%10.84-3.8%39.32-11.59%2.68-17.55%002019.SZ億帆醫(yī)藥16929.307.4%1.47-27.8%9.862.78%0.38-10.56%126003020.SZ立方制藥4515.25-19.5%1.710.5%2.57-61.39%0.40-44.40%21002422.SZ科倫藥業(yè)405157.4312.9%19.6339.7%50.094.02%5.614.43%002099.SZ海翔藥業(yè)11716.77-19.0%-0.39-118.6%4.80-20.40%-0.58-262.91%-74603456.SH九洲藥業(yè)26745.774.7%9.6730.1%13.22-6.79%3.4525.39%23301301.SZ川寧生物20535.8121.8%6.4092.6%11.6421.81%2.49162.02%28生物制品300601.SZ康泰生物33924.64-3.9%6.97243.1%7.34-0.45%1.87125.81%94300294.SZ博雅生物15521.905.2%4.6410.9%6.50-5.04%1.38-0.93%32688331.SH榮昌生物3087.6935.1%-10.31-49.7%3.4758.28%-3.27-64.36%-26688278.SH特寶生物17914.6027.7%3.6984.1%5.5629.86%1.67149.78%39300009.SZ安科生物17620.2118.4%6.5410.1%7.3417.28%2.583.29%23請務(wù)必閱讀尾頁重要聲明5688319.SH歐林生物813.52-5.0%0.30-24.6%1.19-13.74%0.02-80.98%487300841.SZ康華生物959.90-6.1%3.69-23.7%3.56-9.92%1.21-27.98%20300142.SZ沃森生物37431.58-14.8%5.534.1%9.90-27.08%0.98-11.10%50688293.SH奧浦邁641.72-23.0%0.43-48.0%0.50-33.97%0.05-82.19%98醫(yī)藥商業(yè)603939.SH益豐藥房331158.8819.0%9.9921.3%51.8112.70%2.9418.96%23002727.SZ一心堂127128.136.5%6.861.3%41.371.89%1.81-30.02%603233.SH大參林271177.2319.6%11.7427.2%57.3112.44%2.5722.90%21603883.SH老百姓149160.4216.4%7.1717.5%52.319.31%2.0332.78%醫(yī)療器械300760.SZ邁瑞醫(yī)療3,468273.0417.2%98.3421.4%88.2811.18%33.9220.52%31300298.SZ三諾生物17030.356.5%3.18-17.5%10.282.69%1.43-8.54%44301087.SZ可孚醫(yī)療8121.2413.1%2.4244.5%6.053.92%0.4315.57%22300595.SZ歐普康視22613.209.0%5.386.5%5.392.41%2.27-7.93%34688301.SH奕瑞科技22713.9726.5%4.33-14.8%4.4014.71%1.08-53.23%40603987.SH康德萊4618.75-21.8%1.87-27.1%5.95-21.63%0.53-34.56%603309.SH維力醫(yī)療449.77-2.7%1.444.7%3.25-13.14%0.52-6.07%25688389.SH普門科技938.0920.1%2.0533.9%2.5110.64%0.7031.42%31300832.SZ新產(chǎn)業(yè)53629.0826.6%11.8728.4%10.4318.55%4.3723.02%34醫(yī)療服務(wù)002821.SZ凱萊英54263.83-18.3%22.10-18.8%17.62-36.41%5.24-46.60%20603127.SH昭衍新藥18515.8724.3%3.28-48.2%5.7515.11%2.37-9.18%26300363.SZ博騰股份16130.37-41.8%4.52-71.4%6.98-46.44%0.41-88.65%300244.SZ迪安診斷144102.92-34.1%5.31-78.1%34.50-29.25%0.78-85.84%-31688131.SH皓元醫(yī)藥9613.7641.8%1.18-25.1%4.9541.95%0.23-43.79%63688621.SH陽光諾和766.9239.7%1.7132.7%2.3135.12%0.5327.84%38002044.SZ美年健康24272.1724.8%2.26158.1%28.12-1.11%2.15-22.71%298688238.SH和元生物621.37-36.4%-0.71-309.6%0.53-33.80%-0.26-289.38%-94688222.SH成都先導(dǎo)662.4612.6%0.1875.4%0.9013.38%0.12-28.71%198其他300887.SZ譜尼測試7317.58-34.4%1.05-41.7%5.71-42.78%0.12-86.63%30300203.SZ聚光科技8220.52-5.6%-1.76-61.1%8.513.35%-0.39-68.01%430476.BJ海能技術(shù)2.0621.3%0.17-24.4%0.7313.94%0.05-51.20%25688065.SH凱賽生物31015.65-14.8%3.14-35.4%5.35-2.51%0.72-51.89%81688639.SH華恒生物16013.6438.7%3.2047.4%5.1444.92%1.2946.19%38資料來源：wind，上海證券研究所（市值、PE數(shù)據(jù)截至231031）請務(wù)必閱讀尾頁重要聲明6作者具有中國證券業(yè)協(xié)會(huì)授予的證券投資咨詢資格或相當(dāng)?shù)膶I(yè)勝任能力，以勤勉盡責(zé)的職業(yè)態(tài)度，獨(dú)立出具本報(bào)告，并保證報(bào)告采用的信息均來自合規(guī)渠道，力求清晰、準(zhǔn)確地反映公司業(yè)務(wù)資格說明投資評級體系與評級定義股票投資評級：由于我們無法獲取必要的資料，或者公司面臨無法預(yù)見結(jié)果的重大不確定性事分析師給出下列評級中的其中一項(xiàng)代表其根據(jù)行業(yè)歷史基本面及（或）估值對所研究行業(yè)以報(bào)不同證券研究機(jī)構(gòu)采用不同的評級術(shù)語及評級標(biāo)準(zhǔn)，投資者應(yīng)區(qū)分不同機(jī)構(gòu)在相同評級名稱下的定義差異。本評級體系采用的是相對評級體系。投資者買賣證券的決定取決于個(gè)人的實(shí)際情況。投資者應(yīng)閱讀整篇報(bào)告，以獲取比較本報(bào)告版權(quán)歸本公司所有，本公司對本報(bào)告保留一切權(quán)利。未經(jīng)書面授權(quán)，任何何形式的發(fā)布、復(fù)制、引用或轉(zhuǎn)載。如經(jīng)過本公司同意引用、刊發(fā)的，須注明出處為上海證券有限在法律許可的情況下，本公司或其關(guān)聯(lián)機(jī)構(gòu)可能會(huì)持有報(bào)