研報掘金丨東方證券:維持華潤三九“買入”評級,目標價56.81元
東方證券研報指出,華潤三九(000999.SZ)24年歸母淨利潤33.7億元,同比增長18.1%,扣非歸母淨利潤31.2億元,同比增長15%,業績符合預期。公司預計2025年營業收入將實現雙位數的增長,淨利潤將匹配營收增長水平。2024 年,公司CHC 業務在零售端承壓的背景下,憑藉“全域佈局,全面領先”的理念,通過豐富產品組合、更迭品牌傳播方式、強化渠道協同等方式,多措並舉,業務同比增長14.13%;處方藥業務方面,公司通過強化醫學引領,提升產品的循證醫學價值和商業化能力。國藥業務主動變革,配方顆粒業務實現恢復性增長,聯採區域市場份額顯著提升,飲片業務品種全面中選全國集採,爲未來市場的持續拓展奠定了基礎。維持目標價56.81元,維持“買入”評級。
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