研報掘金丨中信建投:華潤三九業務實現穩中向好,維持“買入”評級
中信建投證券研報指出,華潤三九(000999.SZ)25年Q1CHC板塊在覈心感冒品類高基數承壓的背景下保持穩定發展,處方藥板塊不斷提升各產品線的學術價值和競爭力,業務實現穩中向好。展望25年,預計CHC持續完善品類規劃,全域拓展推動板塊健康發展;處方藥積極面對行業變化,有望實現持續恢復。在併購整合方面,天士力收購事項進展順利,已經在Q1末完成並表,預計Q2開始對公司業績將實現正向貢獻,公司利潤端有望實現明顯增厚。認爲公司是自我診療領域稀缺的多品牌成功運營的平臺,同時也是管理和激勵機制優秀的央企,應給予一定估值溢價。維持“買入”評級。
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