2013 年(nian)(nian)(nian)上(shang)(shang)半(ban)年(nian)(nian)(nian)公司(si)銷(xiao)售(shou)收(shou)入同比(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)9.34%。2013 年(nian)(nian)(nian)上(shang)(shang)半(ban)年(nian)(nian)(nian)公司(si)實(shi)現(xian)銷(xiao)售(shou)收(shou)入10.35 億(yi)元，同比(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)9.34%，各塊業務的(de)增(zeng)(zeng)(zeng)(zeng)長(chang)概況(kuang)為： 1)、處方藥(yao)業務實(shi)現(xian)銷(xiao)售(shou)收(shou)入8.42 億(yi)、同比(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)12.50%。考慮2013 年(nian)(nian)(nian)半(ban)年(nian)(nian)(nian)報中公司(si)預(yu)收(shou)款為2.38 億(yi)、較(jiao)年(nian)(nian)(nian)初(chu)上(shang)(shang)升(sheng)了36%、其中1 年(nian)(nian)(nian)內(nei)的(de)預(yu)收(shou)賬款較(jiao)期(qi)初(chu)增(zeng)(zeng)(zeng)(zeng)加了52%、我們預(yu)計有部(bu)分收(shou)入上(shang)(shang)半(ban)年(nian)(nian)(nian)沒(mei)有確認留至下半(ban)年(nian)(nian)(nian);排除此影響(xiang)、我們預(yu)計公司(si)第一主打產品艾迪注射(she)液(ye)實(shi)際(ji)終端仍然(ran)延續了20%以上(shang)(shang)的(de)增(zeng)(zeng)(zeng)(zeng)速。2)、OTC 業務實(shi)現(xian)銷(xiao)售(shou)收(shou)入9984 萬(wan)，同比(bi)下降16%。3)、醫療(liao)服務實(shi)現(xian)銷(xiao)售(shou)收(shou)入9050 萬(wan)，同比(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)15.67%。

　　2013 年(nian)(nian)(nian)(nian)(nian)(nian)上(shang)(shang)半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)(nian)公(gong)(gong)司(si)(si)(si)實現歸(gui)屬(shu)(shu)于(yu)(yu)(yu)母(mu)公(gong)(gong)司(si)(si)(si)的凈利潤(run)(run)(run)同(tong)比增長(chang)21.14%。2013年(nian)(nian)(nian)(nian)(nian)(nian)上(shang)(shang)半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)(nian)公(gong)(gong)司(si)(si)(si)實現歸(gui)屬(shu)(shu)于(yu)(yu)(yu)母(mu)公(gong)(gong)司(si)(si)(si)的凈利潤(run)(run)(run)為(wei)(wei)1.32 億，同(tong)比增長(chang)21.14%;扣非后實現歸(gui)屬(shu)(shu)于(yu)(yu)(yu)母(mu)公(gong)(gong)司(si)(si)(si)的凈利潤(run)(run)(run)增速為(wei)(wei)26.59%(2013 年(nian)(nian)(nian)(nian)(nian)(nian)上(shang)(shang)半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)(nian)公(gong)(gong)司(si)(si)(si)所(suo)獲得財政貼息及科研項目(mu)補貼較2012 年(nian)(nian)(nian)(nian)(nian)(nian)大幅(fu)減少、相應的非經(jing)常(chang)性(xing)損益從2012 年(nian)(nian)(nian)(nian)(nian)(nian)968 萬(wan)減少至630 萬(wan))。2013 年(nian)(nian)(nian)(nian)(nian)(nian)上(shang)(shang)半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)(nian)公(gong)(gong)司(si)(si)(si)利潤(run)(run)(run)增速快于(yu)(yu)(yu)收入我們分(fen)三方面來(lai)看：1)、2013 年(nian)(nian)(nian)(nian)(nian)(nian)上(shang)(shang)半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)(nian)公(gong)(gong)司(si)(si)(si)整體(ti)毛率(lv)(lv)為(wei)(wei)80.79%與(yu)2012 年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)期基本(ben)持平，其(qi)中(zhong)處方藥毛率(lv)(lv)為(wei)(wei)87.73%、同(tong)比上(shang)(shang)升0.88 個百(bai)分(fen)點(dian)，OTC 毛率(lv)(lv)為(wei)(wei)63.74%、同(tong)比下降(jiang)(jiang)(jiang)(jiang)8.29 個百(bai)分(fen)點(dian)，醫(yi)療服務(wu)毛率(lv)(lv)為(wei)(wei)37.12%、同(tong)比下降(jiang)(jiang)(jiang)(jiang)1.47 個百(bai)分(fen)點(dian)。2)、2013 年(nian)(nian)(nian)(nian)(nian)(nian)上(shang)(shang)半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)(nian)公(gong)(gong)司(si)(si)(si)銷(xiao)售(shou)費(fei)(fei)用(yong)率(lv)(lv)及管理費(fei)(fei)用(yong)率(lv)(lv)分(fen)別較去年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)期下降(jiang)(jiang)(jiang)(jiang)1.58 及0.52 個百(bai)分(fen)點(dian)。2013 年(nian)(nian)(nian)(nian)(nian)(nian)上(shang)(shang)半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)(nian)公(gong)(gong)司(si)(si)(si)銷(xiao)售(shou)費(fei)(fei)用(yong)率(lv)(lv)的下降(jiang)(jiang)(jiang)(jiang)主要歸(gui)因于(yu)(yu)(yu)“職工薪酬(chou)”、“培訓會(hui)議費(fei)(fei)”、“差旅費(fei)(fei)”、“促(cu)銷(xiao)開發費(fei)(fei)”這些主要的費(fei)(fei)用(yong)項目(mu)增速慢于(yu)(yu)(yu)收入的增速;2013 年(nian)(nian)(nian)(nian)(nian)(nian)上(shang)(shang)半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)(nian)公(gong)(gong)司(si)(si)(si)管理費(fei)(fei)用(yong)率(lv)(lv)的下降(jiang)(jiang)(jiang)(jiang)主要歸(gui)因于(yu)(yu)(yu)“股份(fen)支(zhi)付費(fei)(fei)用(yong)”的降(jiang)(jiang)(jiang)(jiang)低(di)。3)、2013 年(nian)(nian)(nian)(nian)(nian)(nian)上(shang)(shang)半(ban)(ban)年(nian)(nian)(nian)(nian)(nian)(nian)公(gong)(gong)司(si)(si)(si)有(you)效稅率(lv)(lv)較去年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)期下降(jiang)(jiang)(jiang)(jiang)1.97 個百(bai)分(fen)點(dian)。

　　公司(si)(si)處方(fang)藥(yao)(yao)(yao)(yao)產(chan)品(pin)線不(bu)斷(duan)豐富。公司(si)(si)自2010 年(nian)(nian)(nian)以(yi)來(lai)通過(guo)一系列收購(gou)、代理(li)(li)(li)，不(bu)斷(duan)擴充(chong)其在心(xin)血管(guan)及腫(zhong)瘤(liu)領域的(de)產(chan)品(pin)線，向處方(fang)藥(yao)(yao)(yao)(yao)領域聚(ju)焦。1)、腫(zhong)瘤(liu)用(yong)藥(yao)(yao)(yao)(yao)方(fang)面(mian)：2010 年(nian)(nian)(nian)公司(si)(si)完(wan)成(cheng)了對“南(nan)詔(zhao)藥(yao)(yao)(yao)(yao)業(ye)”的(de)收購(gou)，獲得了用(yong)于腫(zhong)瘤(liu)鎮(zhen)痛(tong)(tong)的(de)科(ke)博(bo)肽注射液;2010 年(nian)(nian)(nian)獲得長(chang)安國(guo)際27.15%的(de)股權，并代理(li)(li)(li)銷售其獨家(jia)產(chan)品(pin)——洛鉑。2013 年(nian)(nian)(nian)8 月公司(si)(si)公告其子公司(si)(si)“貴(gui)州(zhou)苗醫(yi)藥(yao)(yao)(yao)(yao)實業(ye)”完(wan)成(cheng)收購(gou)“貴(gui)州(zhou)百祥制藥(yao)(yao)(yao)(yao)”100%的(de)股權進一步(bu)獲得腫(zhong)瘤(liu)輔助治(zhi)療的(de)苗藥(yao)(yao)(yao)(yao)獨家(jia)品(pin)種“艾愈膠(jiao)囊(nang)”2)、心(xin)血管(guan)用(yong)藥(yao)(yao)(yao)(yao)方(fang)面(mian)：2010 年(nian)(nian)(nian)公司(si)(si)通過(guo)完(wan)成(cheng)對“貴(gui)州(zhou)民族藥(yao)(yao)(yao)(yao)業(ye)”的(de)收購(gou)，獲得用(yong)于心(xin)腦血管(guan)疾病治(zhi)療的(de)心(xin)胃(wei)止痛(tong)(tong)膠(jiao)囊(nang)、理(li)(li)(li)氣活(huo)血滴丸(wan)(即米槁心(xin)樂滴丸(wan));2012 年(nian)(nian)(nian)公司(si)(si)收購(gou)“愛德藥(yao)(yao)(yao)(yao)業(ye)”80%的(de)股權，從(cong)而(er)獲得了溶栓藥(yao)(yao)(yao)(yao)“注射用(yong)瑞替普酶”的(de)生(sheng)產(chan)批文 ;2013 年(nian)(nian)(nian)7 月據悉、理(li)(li)(li)氣活(huo)血滴丸(wan)已經(jing)上市。

　　盈利預測。我(wo)們(men)維持對公(gong)司(si)的(de)盈利預測、預計公(gong)司(si)2013-2015 年的(de)EPS 分(fen)別(bie)為1.13、1.38 及(ji)1.71 元。我(wo)們(men)看(kan)好(hao)公(gong)司(si)已經建立(li)的(de)清晰而深入(ru)的(de)營銷渠道及(ji)不斷豐富的(de)處(chu)方藥產品線(xian)，繼(ji)續給(gei)予公(gong)司(si)“增持”評(ping)級。

　　風險提示：1)、新藥上(shang)(shang)市(shi)慢(man)于(yu)預期;2)、原(yuan)材料價格上(shang)(shang)漲