研報掘金丨中金:維持白雲山“跑贏行業”評級,目標價34元
中金公司研報指出,白雲山(600332.SH)24年收入749.93億元,同比-0.69%;歸母淨利潤28.35億元,同比-30.09%;利潤低於預期,主要由於新增公司對一心堂藥業長期股權投資計提資產減值準備人民幣3.86億元。期內大南藥板塊收入下滑,但部分中藥潛力品種保持良好發展態勢。養陰清肺膏、養陰清肺合劑、氨咖黃敏膠囊、頭孢克肟系列(含原料)、蜜煉川貝枇杷膏等產品的銷售收入實現同比較快增長。公司大商業板塊持續積極開拓醫療器械業務,探索醫美、特醫食品、營養品等大健康品類佈局,提升醫療器械影響力,持續發展醫藥進出口業務。維持“跑贏行業”評級,但考慮公司潛力品種孵化順利,維持A股目標價34元。
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