研報掘金丨東方證券:維持雲南白藥“買入”評級,目標價為64.63元
東方證券研報指出,雲南白藥(000538.SZ)發佈五年戰略規劃,推動實現規模、質量、結構協同發展。公司通過增加分紅頻次,有助於增強投資者的獲得感,提振投資者信心,不斷提升公司內在價值和市場價值。另外,大股東增持,彰顯發展信心。2024年8月,公司第一大股東雲南省國有股權管理公司基於對公司未來持續穩定發展的信心以及對公司長期價值的認可,增持公司股份788,660股,同時計劃6個月內繼續增持公司股份,計劃累計增持金額不低於人民幣5億元,不超過人民幣10億元。考慮到公司經營效率提質增效,小幅下調銷售費用率預期,並調整未來公允價值變動收益,下調24年收入和盈利預測,上調25-26年盈利預測,為目前公司的合理估值水平為2025年的23倍市盈率,對應目標價為64.63元,維持買入評級。
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