華潤三九(000999.SZ):預計昆藥未來淨利率水平和現金流狀況均可逐漸改善
格隆匯7月12日丨華潤三九(000999.SZ)近期在接待機構投資者調研時表示,三九原有業務過去幾年毛利率、費用率的波動主要受到業務結構的影響,處方藥業務受集採、國藥業務中低毛利率的飲片業務增長加快,導致毛利率下降比較明顯,費用率也相應下降。長期來看,三九各業務毛利率和費用率有望保持穩定,合併的財務指標需要結合各業務發展情況對業務結構的影響。昆藥集團的醫藥流通業務毛利率和費用率均較低,對合並報表帶來影響。該業務涉及同業競爭問題,計劃在5年內解決。昆藥工業毛利率水平較好,未來將通過精細化管理,進一步降本增效,預計昆藥未來淨利率水平和現金流狀況均可逐漸改善。
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