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研報掘金丨中信建投證券:雲南白藥中期業績表現亮眼,維持“買入”評級
中信建投證券研報指出,雲南白藥(000538.SZ)上半年收入端實現穩健增長,H1業績表現符合預期。考慮到公司中期業績表現亮眼,上調了公司未來三年的盈利預測,維持“買入”評級。展望下半年,在四大主營業務方面,藥品事業部有望在核心雲南白藥系列、品牌中藥的帶動下保持恢復性增長趨勢;健康品事業部有望在口腔護理及防脱洗護系列的帶動下逐步恢復穩健增長,同時口腔智護、醫美、新零售健康服務三個新BU有望帶動公司未來幾年健康消費產品的持續放量。隨着公司持續推進品牌中藥材工程,推進趁鮮加工品種擴面,中藥材資源事業部預計將在品牌藥材的帶動下保持較好增長趨勢;在省醫藥公司方面,公司將持續整合供應鏈上下游的資源,不斷探索新的盈利模式,加快流程化、數字化、智能化建設,並不斷提升供應鏈服務能力,下半年有望逐步實現持續恢復。
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