提示聲明:
本文涉及的行業及個股分析來源于券商研究報告,僅為分析人士對該行業及個股的個人觀點,不代表中證網觀點,不作為投資者買賣股票的依據,股市有風險,投資須謹慎。
醫療保健:中藥飲片增長強勁 薦2股
川財證券
事件(jian)近日(ri),中國(guo)工(gong)(gong)業(ye)(ye)和信息化部公布了2017年(nian)上(shang)(shang)半年(nian)醫藥工(gong)(gong)業(ye)(ye)主(zhu)要經濟指標完成情況。2017年(nian)上(shang)(shang)半年(nian)規(gui)(gui)模以上(shang)(shang)醫藥工(gong)(gong)業(ye)(ye)增(zeng)(zeng)加值(zhi)同比(bi)(bi)增(zeng)(zeng)長(chang)11.3%,增(zeng)(zeng)速較上(shang)(shang)年(nian)同期提高1個(ge)(ge)百(bai)分(fen)點(dian)(dian),高于(yu)全(quan)國(guo)工(gong)(gong)業(ye)(ye)整體(ti)增(zeng)(zeng)速4.4個(ge)(ge)百(bai)分(fen)點(dian)(dian),位居工(gong)(gong)業(ye)(ye)全(quan)行業(ye)(ye)前列(lie),醫藥工(gong)(gong)業(ye)(ye)增(zeng)(zeng)加值(zhi)在整體(ti)工(gong)(gong)業(ye)(ye)增(zeng)(zeng)加值(zhi)中所占比(bi)(bi)重為3.3%。主(zhu)營業(ye)(ye)務收入(ru)方面,2017年(nian)上(shang)(shang)半年(nian)醫藥工(gong)(gong)業(ye)(ye)規(gui)(gui)模以上(shang)(shang)企(qi)業(ye)(ye)實現主(zhu)營業(ye)(ye)務收入(ru)15314.40億元,同比(bi)(bi)增(zeng)(zeng)長(chang)12.39%,增(zeng)(zeng)速較上(shang)(shang)年(nian)同期提高2.25個(ge)(ge)百(bai)分(fen)點(dian)(dian)。各子行業(ye)(ye)中,增(zeng)(zeng)長(chang)最快的是中藥飲片加工(gong)(gong),化學藥品制劑(ji)、中成藥、制藥設備(bei)的增(zeng)(zeng)速低于(yu)行業(ye)(ye)平均水平。
點評醫藥(yao)工(gong)(gong)業(ye)(ye)(ye)增速繼續(xu)上(shang)行,行業(ye)(ye)(ye)景氣(qi)度(du)提(ti)(ti)升。2017年上(shang)半(ban)年規(gui)模以上(shang)醫藥(yao)工(gong)(gong)業(ye)(ye)(ye)增加值同(tong)比增長11.3%,增速較上(shang)年同(tong)期提(ti)(ti)高1個百分點,高于全國(guo)工(gong)(gong)業(ye)(ye)(ye)整體增速4.4個百分點,位居工(gong)(gong)業(ye)(ye)(ye)全行業(ye)(ye)(ye)前列。上(shang)半(ban)年醫藥(yao)行業(ye)(ye)(ye)發展(zhan)持續(xu)向好,行業(ye)(ye)(ye)景氣(qi)度(du)繼續(xu)向上(shang)。
中(zhong)(zhong)(zhong)(zhong)(zhong)藥(yao)(yao)飲(yin)(yin)(yin)(yin)片(pian)行(xing)(xing)(xing)業(ye)(ye)增(zeng)(zeng)長(chang)(chang)勢頭強勁,發展潛力(li)巨(ju)大。各細(xi)分子行(xing)(xing)(xing)業(ye)(ye)中(zhong)(zhong)(zhong)(zhong)(zhong),增(zeng)(zeng)速(su)最快的(de)(de)(de)(de)是中(zhong)(zhong)(zhong)(zhong)(zhong)藥(yao)(yao)飲(yin)(yin)(yin)(yin)片(pian)加(jia)工(gong)(gong),收入(ru)和(he)(he)利潤(run)(run)增(zeng)(zeng)長(chang)(chang)均(jun)大幅超出其他子板塊。上半(ban)年中(zhong)(zhong)(zhong)(zhong)(zhong)藥(yao)(yao)飲(yin)(yin)(yin)(yin)片(pian)加(jia)工(gong)(gong)收入(ru)實現1047.88億元(yuan),同(tong)比增(zeng)(zeng)長(chang)(chang)21.33%,利潤(run)(run)同(tong)比增(zeng)(zeng)長(chang)(chang)22.78%,為(wei)73.61億元(yuan)。截(jie)至(zhi)8月29日(ri),根據我們統(tong)計,64家公(gong)布2017年中(zhong)(zhong)(zhong)(zhong)(zhong)期業(ye)(ye)績的(de)(de)(de)(de)中(zhong)(zhong)(zhong)(zhong)(zhong)藥(yao)(yao)上市公(gong)司中(zhong)(zhong)(zhong)(zhong)(zhong)有44家凈利潤(run)(run)同(tong)比增(zeng)(zeng)長(chang)(chang)。2009年中(zhong)(zhong)(zhong)(zhong)(zhong)藥(yao)(yao)飲(yin)(yin)(yin)(yin)片(pian)被列入(ru)國家基本(ben)藥(yao)(yao)物(wu)目錄,推動了中(zhong)(zhong)(zhong)(zhong)(zhong)藥(yao)(yao)飲(yin)(yin)(yin)(yin)片(pian)行(xing)(xing)(xing)業(ye)(ye)發展,行(xing)(xing)(xing)業(ye)(ye)主營業(ye)(ye)務收入(ru)從(cong)2009年上半(ban)年的(de)(de)(de)(de)約200億元(yuan)快速(su)增(zeng)(zeng)至(zhi)2017年上半(ban)年的(de)(de)(de)(de)1047.88億元(yuan),年均(jun)復(fu)合增(zeng)(zeng)長(chang)(chang)率達23%,中(zhong)(zhong)(zhong)(zhong)(zhong)藥(yao)(yao)飲(yin)(yin)(yin)(yin)片(pian)行(xing)(xing)(xing)業(ye)(ye)增(zeng)(zeng)長(chang)(chang)速(su)度明顯高于(yu)醫(yi)藥(yao)(yao)工(gong)(gong)業(ye)(ye)整體增(zeng)(zeng)速(su)。在醫(yi)藥(yao)(yao)行(xing)(xing)(xing)業(ye)(ye)普遍(bian)受(shou)藥(yao)(yao)品(pin)兩票制改(gai)革(ge)和(he)(he)公(gong)立(li)醫(yi)院(yuan)嚴控藥(yao)(yao)占(zhan)(zhan)比等多重影響下(xia),中(zhong)(zhong)(zhong)(zhong)(zhong)藥(yao)(yao)飲(yin)(yin)(yin)(yin)片(pian)是唯一不受(shou)醫(yi)藥(yao)(yao)政策(ce)承壓的(de)(de)(de)(de)細(xi)分行(xing)(xing)(xing)業(ye)(ye),有望繼續保持(chi)相對優(you)勢維(wei)持(chi)高增(zeng)(zeng)長(chang)(chang)。同(tong)時,多家公(gong)立(li)醫(yi)院(yuan)還發布文件(jian)鼓勵加(jia)大不受(shou)藥(yao)(yao)占(zhan)(zhan)比限制的(de)(de)(de)(de)中(zhong)(zhong)(zhong)(zhong)(zhong)藥(yao)(yao)飲(yin)(yin)(yin)(yin)片(pian)的(de)(de)(de)(de)處方量,由于(yu)中(zhong)(zhong)(zhong)(zhong)(zhong)藥(yao)(yao)飲(yin)(yin)(yin)(yin)片(pian)終端售價(jia)(jia)不受(shou)加(jia)成定(ding)價(jia)(jia)的(de)(de)(de)(de)限制及成本(ben)不斷上升(sheng),醫(yi)院(yuan)和(he)(he)企業(ye)(ye)具(ju)有聯合推升(sheng)價(jia)(jia)格的(de)(de)(de)(de)意愿(yuan),或(huo)在行(xing)(xing)(xing)業(ye)(ye)內形(xing)成量價(jia)(jia)齊升(sheng)的(de)(de)(de)(de)趨勢。
相(xiang)關標的康美藥業(ye)(600518)、香雪制藥(300147)。
風險提示(shi):醫(yi)藥政策推行不及預(yu)期。
電力:電力重組大戲始開場 薦5股
平安證券
事項:
8月(yue)28日,國資(zi)(zi)委發(fa)布公(gong)(gong)(gong)告:經報國務院(yuan)批準,中國國電(dian)集(ji)(ji)團(tuan)公(gong)(gong)(gong)司(si)(si)(si)與(yu)神華集(ji)(ji)團(tuan)有(you)限責任(ren)公(gong)(gong)(gong)司(si)(si)(si)合(he)并(bing)重組為國家能源投資(zi)(zi)集(ji)(ji)團(tuan)有(you)限責任(ren)公(gong)(gong)(gong)司(si)(si)(si)。
平安觀點:
強強聯手,誕(dan)生(sheng)中國最大(da)發電(dian)與煤炭集團(tuan):國電(dian)集團(tuan)作為(wei)國內五大(da)發電(dian)集團(tuan)之一,以發電(dian)為(wei)主業,同時涉及煤炭、發電(dian)設施、新能源、交通等。
中(zhong)證(zheng)(zheng)網(wang)聲(sheng)明(ming)(ming):凡(fan)(fan)本(ben)網(wang)注明(ming)(ming)“來源(yuan):中(zhong)國證(zheng)(zheng)券報·中(zhong)證(zheng)(zheng)網(wang)”的所有作(zuo)(zuo)品(pin),版權均(jun)屬于中(zhong)國證(zheng)(zheng)券報、中(zhong)證(zheng)(zheng)網(wang)。中(zhong)國證(zheng)(zheng)券報·中(zhong)證(zheng)(zheng)網(wang)與(yu)作(zuo)(zuo)品(pin)作(zuo)(zuo)者聯合聲(sheng)明(ming)(ming),任何組織(zhi)未經中(zhong)國證(zheng)(zheng)券報、中(zhong)證(zheng)(zheng)網(wang)以及作(zuo)(zuo)者書面(mian)授(shou)權不(bu)得轉載(zai)、摘編(bian)或利用其它(ta)方式使用上(shang)述作(zuo)(zuo)品(pin)。凡(fan)(fan)本(ben)網(wang)注明(ming)(ming)來源(yuan)非中(zhong)國證(zheng)(zheng)券報·中(zhong)證(zheng)(zheng)網(wang)的作(zuo)(zuo)品(pin),均(jun)轉載(zai)自其它(ta)媒體,轉載(zai)目的在于更好服(fu)務讀者、傳遞信息之需,并不(bu)代表本(ben)網(wang)贊同其觀點,本(ben)網(wang)亦不(bu)對其真實性負責,持(chi)異議者應與(yu)原出處單(dan)位主張權利。
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Copyright 2001-2018 China Securities Journal. All Rights Reserved