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研報掘金丨申萬宏源研究:首予上海醫藥“買入”評級,積極擁抱新業態

申萬宏源研究指出,上海醫藥國內首家A+H醫藥上市公司,引入雲南白藥進行混改。公司積極擁抱新業態,新模式應對醫藥流通行業整體利潤空間壓縮和行業競爭格局加劇的態勢,同時不斷加碼創新藥研發投入,預計未來有望持續增厚工業板塊收入利潤,結合流通/醫藥製造當前發展情況和公司發展階段。採用市盈率(PE)估值法,可比公司當前PE 估值爲10x,結合公司2025年有望實現歸母淨利潤53億元,公司的合理市值應爲540億元,較當前市值仍有34%上漲空間,首次覆蓋並給予“買入”評級。

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