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研報掘金丨華創證券:九州通厚積薄發已成功卡位院外市場,分紅潛力有望充分釋放
格隆匯 02-04 16:13

華創證券研報指出,鑑於藥品外流趨勢明確,九州通(600998.SH)厚積薄發已成功卡位院外市場,構築競爭優勢及業務壁壘,預計23-25年歸母淨利潤同比增速為14.8%、15.3%、16.5%;目前CSO業務在公司歸母淨利潤中的佔比預計已接近3成,持續高增或將驅動價值重估;同時伴隨公司現金流明顯改善及REITs項目正穩步推進,分紅潛力有望充分釋放;此外社會融資成本處於下降通道有助於節約財務費用提升業績彈性;綜合來看,參考可比公司並結合估值切換等因素,給予公司24年15倍目標PE,對應目標價10.6元,具54%提升空間;首次覆蓋,給予“推薦”評級。

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