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健康元(600380):上半年扣非淨利潤略超預期 吸入製劑和原料藥保持增長
格隆匯 08-11 00:00
2022 年上半年業績扣非淨利潤略超預期 公司公佈2022 年上半年業績:公司上半年實現收入85.65 億元,同比增長9.3%;歸母淨利潤8.01 億元(對應每股盈利0.42 元),同比增長16.6%,扣非歸母淨利潤8.04 億元,同比增長34.5%,扣非歸母淨利潤略超預期,主要由於健康元自身業務增長良好以及合併口徑銷售費用率同比下降,此外,公司發佈2022 年股票期權激勵計劃。 發展趨勢 健康元自身業務上半年發展強勁。公司自身(不含麗珠集團、麗珠單抗)營業收入23.71 億元,同比增長35.8%;歸母淨利潤4.21 億元,同比增長45.3%,扣非歸母淨利潤4.14 億元,同比增長56.4%。此外,我們認為股權激勵有望調動公司業務骨幹積極性推動公司繼續創新轉型。 吸入製劑精細化營銷,醫院覆蓋進一步加碼。2022 年上半年,公司呼吸領域銷售收入5.61 億元,同比增長259%。上半年,公司新增開發二級以上醫院1,400 多家。截至2022 年6 月,公司公吿:鹽酸左沙丁胺醇霧化吸入溶液(3ml:1.25mg)、硫酸特布他林霧化吸入用溶液獲批上市;妥布黴素吸入溶液(2.4 類)順利完成補充研究;丙酸氟替卡松霧化吸入用混懸液提交上市許可申請;沙美特羅替卡松吸入粉霧劑啟動Ⅲ期臨牀研究。 美羅培南混粉出口份額繼續提升。上半年,公司自身原料藥及中間體板塊銷售收入11.50 億元,同比增長21.80%。其中重點產品7-ACA 繼續強化市場佔有率,美羅培南混粉銷量保持穩定增長,公司披露積極開展海外註冊。原料藥研發方面,公司計劃未來聚焦前沿領域繼續開展重點科研攻關。 自身保健品及OTC 板塊略下滑。2022 年上半年,健康元自身保健品及OTC 板塊實現收入1.5 億元,同比下降5.8%。我們認為隨着復產復工以及公司不斷加強品牌建設和渠道推廣,該板塊有望保持穩健發展態勢。 盈利預測與估值 考慮到公司銷售費用率同比下降,我們上調2022 和2023 年扣非歸母淨利潤預測4.3%/4.3%至14.70 億元/16.90 億元,但考慮股權激勵產生的管理費用上升,我們維持2022 和2023 年的淨利潤預測15.58 億元和18.53 億元。當前股價對應2022/2023 年13.2 倍/11.1 倍市盈率。我們維持跑贏行業評級和16.00 元目標價,對應19.1 倍2022 年市盈率和16.1 倍2023 年市盈率,較當前股價有45.2%的上行空間。 風險 吸入製劑產品銷售不及預期;產品研發進展不及預期。
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