研報掘金丨申萬宏源:首予雲南白藥“增持”評級,實現連續超三十年對股東分紅
申萬宏源研究指出,雲南白藥(000538.SZ)創制於1902年,屬於國家絕密級配方。過去三十年,公司營業收入和歸母淨利潤多年保持穩健增長,並實現連續超三十年對股東分紅。公司上市以來截至2024年9月30日,累計現金分紅金額已達266.21億元。雲南白藥作為國內中藥百年老字號品牌公司,選取中藥行業裏同為老字號品牌的上市公司同仁堂、東阿阿膠、片仔癀、白雲山、華潤三九為可比公司。5家可比公司2024年預測市盈率均值為26倍,以此計算,公司合理市值1162億元,相對2024年11月29日市值有約14%的上升空間,首次覆蓋,給予“增持”評級。
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