東陽光藥(1558.HK)繼續回落一度跌超9% 此前1個多月累漲超40%
格隆匯11月18日丨流感概念股東陽光藥(1558.HK)近日持續回落，盤中一度跌9.17%至42.6港元，現報44.2港元，跌5.76%，暫成交2.02億港元，最新總市值198.38億港元。
該股此前自9月底一路上漲至11月初，一度累漲超40%。
2019年11月13日，東陽光藥宣佈以20.57億元收購廣東東陽光藥業(關聯企業)目標資產，包括目標產品焦穀氨酸榮格列淨、利拉魯肽及其在中國境內所應附有的全部權益、利益及依法享有的全部權利和應依法承擔的全部義務。不過，正值醫保價格談判，有消息稱入保藥品價格均有不同程度降低，其中糖尿病藥品降價幅度巨大，而東陽光藥擬收購的這兩款產品均為治療糖尿病用藥。
另外，有數據顯示，在中國公立醫療機構終端，東陽光藥的主要產品集中在全身用抗病毒藥，佔90.13%，糖尿病用藥佔比僅為0.08%。
公司此前公佈季度財務數據顯示：2019年前三季度實現收入44.4億元（+157.7%，Q3單季收入13.7億元），歸母淨利潤為15.5億元（+127.7%，Q3單季淨利潤4.6億元），若考慮可轉債影響歸母淨利潤為13.2億元（+93.4%）。前三季度毛利率同比提升1.5pp至85.5%，淨利率同比降低4.5pp至35.0%。
光大證券稱，公司核心產品受益銷售團隊持續擴張和基層滲透率增加，實現強勁增長，業績增速超出市場預期。
另外，一提到東陽光藥不得不提他的核心產品。光大證券稱，東陽光藥的核心產品可威受益於銷售團隊 持續擴張、基層滲透不斷推進，預計實現近40億元銷售，在18年Q3低基數之下實現高增長，超出市場預期。截止 19H1，可威顆粒和膠囊覆蓋的基層醫療機構達7萬家，覆蓋同比增加53%，OTC藥房覆蓋超10萬家。OTC渠道和基層市場已成“可威”重要的新增長點。此外，在19版醫保目錄調整中，可威報銷範圍從“僅限甲流確診病患使用”變動至“高危流感病人可使用”，有望拓寬醫保覆蓋患者人數。考慮到目前產品競爭格局良好、流感用藥滲透率遠未及天花板、OTC渠道與基層市場有望齊發力，光大證券預計“可威” 銷售有望維持較快增長。
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