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研報掘金丨太平洋:雲南白藥估值有望繼續修復,首予“買入”評級
格隆匯 06-10 15:24
太平洋證券研報指出,雲南白藥四大事業羣穩健增長,新興事業部貢獻增量。公司不斷構建適合白藥戰略發展階段的研發創新體系和研發運營管理能力,堅持統籌打好“中藥”和“創新藥”兩張牌。公司創新藥項目聚焦社會需求和科技賦能,以核藥發展為中心,佈局多個創新藥物管線,提升持續發展動力。公司四大核心事業羣藥品、健康品、中藥資源和省醫藥公司長期保持穩健增長。選取中藥行業同為老字號品牌的片仔癀、同仁堂、東阿阿膠和華潤三九等公司作為可比公司,四家可比公司2025年市盈率預期均值為25.2倍,雲南白藥市盈率相對較低,公司估值有望繼續修復,首次覆蓋,給予“買入”評級。
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