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研報掘金丨安信證券:同仁堂上半年業績高速增長,安宮牛黃丸提價預期強烈
格隆匯 08-07 15:33
格隆匯8月7日丨安信證券6日研報指出,同仁堂(600085.SH)上半年業績高速增長,認為主要與大品種戰略和“4+2”營銷改革密切相關。根據同仁堂集團官微,2023H1 同仁堂集團的大品種整體銷售收入同比增長12.16%,佔集團產品營業收入的比例達到68%,其中30多個大品種銷售額增速超過30%,隨着大品種戰略和“4+2”營銷改革的持續推進,後續業績表現值得期待。天然牛黃價格升幅高,安宮牛黃丸提價預期強烈。根據中藥材天地網,天然牛黃的價格今年以來大幅上升,從2023年1月的57萬元/公斤上升至8月的120萬元/公斤,升幅高達110%。天然牛黃是公司的重要原材料之一,其價格的大幅上升將帶來成本端的壓力,有望推動公司核心品種安宮牛黃丸實現提價。預計公司2023年-2025年的營業收入分別為185.11億元、211.82億元、242.68億元,歸母淨利潤分別為17.86億元、21.38億元、25.38億元,對應的PE估值水平分別為42.2 倍、35.3倍、29.7倍,6個月目標價65.00元,對應2023年50倍PE,給予買入-A的投資評級。
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