研報掘金丨中郵證券:首予華潤三九“買入”評級,與天士力發揮產業鏈協同效應
中郵證券研報指出,隨着中成藥集採持續推進,疊加全球政經動盪加劇等宏觀因素影響,終端市場中的藥品零售市場整體增速放緩,此外,面對2024Q1流感高發的業績高基數,華潤三九營收利潤有所承壓。公司CHC健康消費品業務方面,2025Q1公司首箇中藥3.2類新藥999益氣清肺顆粒獲批並正式發佈,標誌着華潤三九呼吸品類實現全場景滲透的生態化佈局,助力公司構建具有競爭壁壘的產品管線,鞏固核心競爭優勢。2025Q1公司完成天士力28%股權的收購事項,天士力成爲華潤三九的控股子公司。公司將與天士力發揮產業鏈協同效應,在創新研發、智能製造、渠道營銷等領域相互賦能,增強全產業鏈核心競爭力,助力公司加快補充創新中藥管線,建立在中藥領域的引領優勢。首次覆蓋,給予“買入”評級。
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