醫藥政策利好行業龍頭,藥師幫上半年盈利超7000萬,機構預計25年收入超340億
高盛10月23日發佈行業報吿稱,中國醫藥B2B行業的增長低谷期可能已經過去,增長復甦將呈現漸進趨勢。中銀證券也在近期研報指出,隨着集採及醫藥反腐進入後半程,龍頭公司的優勢會越來越明顯,從銷售端到產品的創新端,都會逐步體現;現階段的醫藥行業已經處在歷史的底部區間,且即將反轉,堅定看好醫藥長週期向上的機會。據沙利文統計,按2022年總GMV計算,藥師幫是中國院外醫藥產業最大的數字化服務平台。此外,藥師幫的月均活躍買家在中國院外數字化醫藥流通服務市場的主要參與者中排名最高。 2022年,中國院外數字化醫藥流通服務市場的前五大參與者佔據市場份額63.5%以上,其中藥師幫(9885.HK)的市場份額為21%。2020-2023年上半年,藥師幫累計GMV達1205億元。2023年上半年,藥師幫擁有35.3萬的月活用户,業務範圍覆蓋中國約97.6%的縣域及85.2%的鄉鎮。2023年上半年,藥師幫營業收入為79.69億元,同比增長18.6%;毛利額8.17億元,同比增長31.3%,毛利率由9.3%增至10.3%;經調整後淨利潤首度轉正,超7000萬元,盈利能力穩步提升。招銀國際發佈研報指出,看好藥師幫通過B2B院外醫藥數字化解決方案連接和賦能產業鏈參與者、提供安全高效的交易及服務平台的增長潛力,給予藥師幫“買入”評級,目標價為57.97港元,2022-2025年藥師幫收入預計將以34%的複合增長率增長,分別為25.4%、39.4%、36.3%。
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