研報掘金丨招商證券:維持同仁堂“強烈推薦”評級,核心產品表現穩健
招商證券研報指出,同仁堂(600085.SH)2024年歸母淨利潤15.26億元,同比下降8.54%;2025Q1歸母淨利潤5.82億元,同比增長1.10%。成本上升毛利率短期承壓,期間費率保持穩定。核心大單品發力,醫藥工業收入穩增。截至2024年底,子公司同仁堂商業在全國擁有零售門店1251家,年內新增250家,有720 家門店設立中醫醫療診所,佔比57.55%,取得醫保定點資格門店數量達到809家,佔比64.67%。全面深化三大發展戰略,強化市場競爭力。認爲隨着藥材成本回落公司的盈利能力將得到提升,同時院內新渠道拓展將有助於公司提升銷售潛力。維持“強烈推薦”投資評級。
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