醫(yī)藥行業(yè)專題：診療復(fù)蘇提振上半年業(yè)績Q3靜待估值磨底

1診療復(fù)蘇提振上半年業(yè)績，Q3靜待估值磨底行行業(yè)專題證券研究報(bào)告投資評級投資評級領(lǐng)先大市-A維持評級(1)業(yè)績方面：23H1醫(yī)藥板塊(剔除次新股及ST股)整體營收同銷售費(fèi)用率同比有所上升(+0.34pct)；管理與研發(fā)費(fèi)用率同比略有 3Q2全部公募基金對醫(yī)藥板塊的持倉比例為 ct實(shí)現(xiàn)小幅增長主要系九價(jià)HPV疫苗與血制品板塊穩(wěn)健增長，但受新目標(biāo)價(jià)(元目標(biāo)價(jià)(元)首選股票評級行行業(yè)表現(xiàn)醫(yī)藥滬深30037%27%17%7%-3%-13%2022-092023-012023-052023-09升幅%M3M12M相對收益絕對收益5分析師分析師mashuaiessencecomcn相相關(guān)報(bào)告產(chǎn)創(chuàng)新藥首次參與醫(yī)保談判CXO業(yè)深度分析-.262023年，醫(yī)療機(jī)構(gòu)變革元民營醫(yī)療機(jī)構(gòu)09-0308-2009-0108-2708-26行業(yè)專題/醫(yī)藥2，扣非凈利潤同比下滑33.96%。分板塊來看，新冠疫情放開現(xiàn)為上半年與新冠診療有關(guān)的行業(yè)(如新冠檢測、健康防護(hù)、感控等)的營收規(guī)模同比收縮明顯，與院內(nèi)診療、個(gè)人診療和消費(fèi)光等)則實(shí)現(xiàn)了較快的同比增速。面向未來，我們認(rèn)為在器械領(lǐng)點(diǎn)關(guān)注創(chuàng)新與國際化兩條主線。國內(nèi)方面，由于控費(fèi)政義與療效得到充分驗(yàn)證的品種傾斜。海外方面，由于器械領(lǐng)域國際市場空間天然高于高內(nèi)，一。(2)從體外診斷板塊單獨(dú)來看，2023年上半年國內(nèi)診療活動復(fù)表觀業(yè)績受到了上年同期新冠基數(shù)影響，板塊整體營收及歸母凈基數(shù)效應(yīng)，我們建議重點(diǎn)關(guān)注各企業(yè)三季度各月份經(jīng)營情況。長T增長3推行業(yè)專題/醫(yī)藥內(nèi)容目錄 2.6.醫(yī)藥商業(yè)：受疫后復(fù)蘇，集采影響漸漸出清及多省份出臺政策取消醫(yī)院回款等影 2.6.1.醫(yī)藥流通：受疫后復(fù)蘇，集采影響漸漸出清及多省份出臺政策取消醫(yī)院回款 圖表目錄 Q 10 5 圖17.醫(yī)藥流通上市公司歷年?duì)I收情況(億元) 21圖18.醫(yī)藥流通上市公司歷年歸母凈利潤情況(億元) 21圖19.零售藥房上市公司歷年?duì)I收情況(億元) 21圖20.零售藥房上市公司歷年歸母凈利潤情況(億元) 21 61.行業(yè)整體情況H過的安信醫(yī)藥板塊分類：23H1醫(yī)藥板塊(剔除次新股及ST股)整體營收同比增長11.10%(同比+2.03pct)，歸母凈利潤同比增長8.57% (同比+2.05pct)，扣非凈利潤同比增長7.46%(同比-3.26pct)。醫(yī)藥行業(yè)銷售費(fèi)用率同比有所上升(+0.34pct)；管理與研發(fā)費(fèi)用率同比略有下降(-0.21pct)；2023H1醫(yī)藥行業(yè)經(jīng)營活表1：2023H1醫(yī)藥行業(yè)主要財(cái)務(wù)指標(biāo)情況財(cái)務(wù)指標(biāo)(億元)2021A2022Q12022Q22022H12022Q32022Q1-32022Q42022A2023Q12023Q22023H1營業(yè)收入20652.565457.945453.1110911.055664.8816575.005812.5022387.515872.025638.0611334.29營收增速13.71%11.36%6.87%9.07%9.68%9.27%9.70%9.38%7.59%毛利率32.76%32.68%31.80%32.24%30.87%31.77%31.24%31.63%30.67%30.03%銷售費(fèi)用率13.52%12.57%12.49%12.53%12.76%12.61%13.98%12.97%12.53%12.94%12.87%管理及研發(fā)費(fèi)用率7.51%6.75%7.30%7.02%6.50%6.85%9.59%7.56%6.86%7.04%6.81%財(cái)務(wù)費(fèi)用率0.66%0.57%-0.01%0.28%0.03%0.69%0.32%0.59%-0.01%0.29%研發(fā)費(fèi)用607.61140.29161.55301.84174.37476.24220.80697.04158.29165.73315.87研發(fā)費(fèi)用/收入2.94%2.57%2.96%2.77%3.08%2.87%3.80%2.70%2.94%2.79%歸母凈利潤1875.95536.00547.681083.68476.681559.45190.991750.44502.63448.14911.34歸母增速20.80%15.05%-0.69%6.52%4.79%5.92%-38.24%4.74%8.57%扣非凈利潤1608.17519.92478.13998.05451.591449.22150.411599.63466.20407.98841.23扣非增速24.68%25.20%10.72%3.31%8.27%5.63%7.46%扣非凈利率7.79%9.53%8.77%7.97%8.74%2.59%7.94%7.24%7.42%應(yīng)收賬款4631.08--5451.40-5705.84-5266.445838.490.005790.72應(yīng)收賬款增速12.81%--14.29%--13.98%9.98%0.00%9.74%經(jīng)營現(xiàn)金流凈額2285.0249.03688.60737.63537.651274.201122.252396.4541.89591.62580.17經(jīng)營現(xiàn)金流凈額/凈利潤121.81%125.73%68.07%112.79%81.71%587.59%136.91%8.33%132.02%63.66%公司行業(yè)專題/醫(yī)藥7(100%+∞](90%100%](80%,90%](70%80%](60%,70%](50%60%](40%,50%](30%40%](20%,30%](10%20%](0%,10%](-10%,-0%](-20%-10%](-30%,-20%(100%+∞](90%100%](80%,90%](70%80%](60%,70%](50%60%](40%,50%](30%40%](20%,30%](10%20%](0%,10%](-10%,-0%](-20%-10%](-30%,-20%](-40%,-30%](-50%-40%](-60%,-50%](-70%,-60%](-80%-70%](-90%,-80%](-100%,-90%](-∞-100%]圖1.2023H1醫(yī)藥行業(yè)上市公司營收增速分布情況40003633455655112000000011200，，圖2.2023H1醫(yī)藥行業(yè)上市公司扣非歸母凈利潤增速分布情況505092423221817161010966654333333(-∞(-∞-100%]0%](-90%,-80%](-80%-70%](-60%,-50%](-70%,-60%](-50%-40%](-30%,-20%](-40%,-30%](-20%-10%](10%20%](0%,10%](20%,30%](30%40%](40%,50%](50%60%](60%,70%](70%80%](80%,90%]100%100%+∞](90%100%]，較低。23H1來看，20個(gè)申萬一級行業(yè)的營收實(shí)現(xiàn)同比增長(5個(gè)行業(yè)的營收超過10%)。申萬一級行業(yè)中，23個(gè)行業(yè)的歸母凈利潤實(shí)現(xiàn)同比增長(7個(gè)行業(yè)的歸母凈利潤增速超過行業(yè)專題/醫(yī)藥0%60%40%20%%0%60%40%20%%圖3.23H1各申萬一級行業(yè)營業(yè)收入增速情況0%25%20%%%-5%圖4.23H1各申萬一級行業(yè)歸母凈利潤增速情況行業(yè)專題/醫(yī)藥202320222021202020192018201720162015202023202220212020201920182017201620152014201360%50%40%30%20%10% 圖5.2023H1各申萬一級行業(yè)漲跌幅情況 社交基食會通礎(chǔ)品服運(yùn)化飲務(wù)輸工料持續(xù)性都十分有限。二季度過后，由于下半年基數(shù)與醫(yī)療領(lǐng)域反腐政策對市場預(yù)期的影響，圖6.2013年至今申萬醫(yī)藥生物行業(yè)市盈率(TTM)情況00申萬醫(yī)藥萬得全A行業(yè)專題/醫(yī)藥10食品飲料事業(yè)產(chǎn)食品飲料事業(yè)產(chǎn)圖7.2023Q2各申萬一級行業(yè)基金持倉比例(按市值)0%全部公募基金對醫(yī)藥板塊的持倉比例為11.40%，環(huán)比上升0.18PP。剔除醫(yī)藥主題基金后的圖8.2018-2023Q2公募基金醫(yī)藥持倉水平概況全部基金醫(yī)藥持倉比例醫(yī)藥股占A股總市值比例行業(yè)專題/醫(yī)藥11圖9.2018-2023Q2剔除醫(yī)藥主題基金醫(yī)藥持倉水平概況剔除醫(yī)藥主題基金醫(yī)藥持倉比例醫(yī)藥股占A股總市值比例%4%創(chuàng)新藥、仿制藥及醫(yī)療器械相關(guān)個(gè)股持倉提升靠前。2023Q2，公募基金重倉個(gè)股數(shù)282支，QQ瑞醫(yī)藥(606)、邁瑞醫(yī)療(487)、藥明康德(218)。從季度環(huán)比變動來看，2023Q2持倉基金數(shù)量增加最多的前三名為：恒瑞醫(yī)藥(+226)、科倫藥業(yè)(+78)、魚躍醫(yī)療(+45)，前十名多為創(chuàng)新藥、仿制藥或醫(yī)療器械相關(guān)個(gè)股。2023Q2持倉基金數(shù)減少最多的前三名為：藥明康德(-176)、愛爾眼科(-105)、泰格醫(yī)藥(-80)。排排名代碼名稱持股基金數(shù)持股公司家數(shù)持股總市值(億元)持股總量(萬股)持股占流通股比(%)1SH32Z73SH0642.994SH藥.955.SZ業(yè)6Z17Z.67.348SH9.SZ7.72SH.95Q )、華潤三九(+29.70億元)、美年健康(+20.26億元)。2023Q2公募基金持有市值減少最多的前三名為：藥明康德(-102.00億元)、愛爾眼科(-92.65億元)、泰格醫(yī)行業(yè)專題/醫(yī)藥12P數(shù)(億元)(萬股)股比(%)1Z72SH33SH0642.994Z15SH.956Z.67.347SH70268.SZ7.729SH金域醫(yī)學(xué)22.38.SZ132.細(xì)分板塊業(yè)績化學(xué)制劑行業(yè)銷售費(fèi)用率同比所有下降(-1.45pct)，管理與研發(fā)費(fèi)用率同比基本持平 pct流凈額與凈利潤匹配良好。表4：2023H1化學(xué)制劑板塊主要財(cái)務(wù)指標(biāo)情況財(cái)務(wù)指標(biāo)(億元)2021A2022Q12022Q22022H12022Q32022Q1-32022Q42022A2023Q12023Q22023營業(yè)收入2508.13623.20611.04650.65661.282546.61676.00665.765營收增速6.03%-0.41%-0.66%-0.54%2.21%0.42%4.67%8.43%8.92%8.67%毛利率53.09%52.84%50.51%51.69%51.19%51.51%49.94%51.10%51.12%49.80%50.46%銷售費(fèi)用率27.19%25.37%23.95%24.67%25.06%24.80%26.41%25.22%23.28%23.15%23.22%管理及研發(fā)費(fèi)用率財(cái)務(wù)費(fèi)用率0.87%0.63%-0.38%0.13%-0.51%-0.09%0.19%0.65%-0.22%0.22%研發(fā)費(fèi)用42.3945.938.321.472.78202.5947.272.049.31研發(fā)費(fèi)用/收入7.72%6.80%7.52%7.16%7.91%7.42%9.49%7.96%6.99%7.82%7.40%歸母凈利潤228.296.580.958.988.27223.88.810.55歸母增速20.00%-5.43%4.09%-7.01%-3.53%8.78%9.66%0.53%5.32%扣非凈利潤8.254.903.637.292.81-扣非增速2.08%9.58%5.59%-6.49%279.22%-3.37%6.53%扣非凈利率6.18%9.35%8.98%9.17%8.24%8.82%2.75%7.25%9.95%7.93%8.95%應(yīng)收賬款507.57--565.13-589.20-549.85589.6000589.46應(yīng)收賬款增速--0.39%--8.31%3.51%0.00%4.27%經(jīng)營現(xiàn)金流凈額312.6141.346.141.41207.81327.112.254.57經(jīng)營現(xiàn)金流凈額/凈利潤%62.09%%99.96%%%311.72%%44.30%%94.78%公司利潤有所下滑2023Q2化學(xué)原料藥板塊(剔除次新股及ST股)整體營收同比增長0.11%(-5.90pct)，歸母14表5：2023H1化學(xué)原料藥板塊主要財(cái)務(wù)指標(biāo)情況財(cái)務(wù)指標(biāo)(億元)2021A2022Q12022Q22022H12022Q32022Q1-32022Q42022A2023Q12023Q22023H1營業(yè)收入268.71266.57535.28254.3288.23282.14279.98265.95545.92營收增速8.53%6.01%8.13%3.91%6.55%4.86%6.10%4.37%0.11%2.25%毛利率40.14%39.05%38.16%38.61%37.99%38.47%37.45%38.20%38.62%38.20%38.41%銷售費(fèi)用率管理及研發(fā)費(fèi)用率財(cái)務(wù)費(fèi)用率0.19%-0.30%2.03%0.31%-2.04%0.03%研發(fā)費(fèi)用3.8525.539.297.5329.23收入5.34%4.36%5.18%4.77%5.41%4.98%6.47%5.38%4.72%6.02%5.35%歸母凈利潤.6028.4426.975.42.0639.4621.6921.8243.52歸母增速-22.59%9.35%4.42%6.89%-7.94%2.89%239.92%8.07%-23.73%-21.47%扣非凈利潤6.5125.0726.361.438.63.0420.9240.31扣非增速-26.21%30.96%20.45%3.50%-23.94%-22.67%-20.65%-21.63%扣非凈利率5.60%9.33%9.89%9.61%6.76%8.71%0.50%6.54%6.93%7.87%7.38%應(yīng)收賬款--220.57-210.65-209.29219.4900215.66應(yīng)收賬款增速---8.78%-9.23%0.13%0.00%-2.23%經(jīng)營現(xiàn)金流凈額經(jīng)營現(xiàn)金流8.5026.9440.2628.558.8141.0826.9440.26潤46.82%99.88%72.65%94.18%761.76%57.29%92.51%公司2.3.生物制品：Q2環(huán)比有所改善，關(guān)注大單品放量與常規(guī)需求恢復(fù)HST實(shí)現(xiàn)小幅增長的主要原因是：2023H1關(guān)需求激增銷售實(shí)現(xiàn)較快增長，但受新冠產(chǎn)品貢獻(xiàn)減少、年初疫情政策調(diào)整對企業(yè)經(jīng)營造成然旺盛，行業(yè)有望維持高景氣。表6：2023H1生物制品板塊主要財(cái)務(wù)指標(biāo)情況財(cái)務(wù)指標(biāo)(億元)2021A2022Q12022Q22022H12022Q32Q1-32022Q42022A2023Q12023Q22023H1營業(yè)收入營收增速毛利率銷售費(fèi)用率率財(cái)務(wù)費(fèi)用率39.22%57.10%0.05%283.2637.74%54.47%0.22%344.678.33%54.69%-0.47%659.6323.98%56.28%-0.14%344.87-0.81%55.10%-0.28%55.88%-0.19%340.98-5.01%55.04%20.44%-0.04%8.62%55.66%-0.15%326.763.74%53.42%-0.02%314.7855.41%-0.57%599.5155.99%-0.59%15研發(fā)費(fèi)用研發(fā)費(fèi)用/收入歸母凈利潤歸母增速扣非凈利潤扣非增速扣非凈利率應(yīng)收賬款應(yīng)收賬款增速經(jīng)營現(xiàn)金流凈額經(jīng)營現(xiàn)金流凈額/凈利潤.306.04%303.2065.08%287.3388.23%24.33%291.3136.31%297.7898.21%5.75%5.9442.00%9.8734.30%21.14%---21.16%24.086.99%.03-35.25%3.95-40.77%--9.2381.10%41.426.28%-6.07%20.76%406.2755.73%49.7632.68%25.447.38%5.78-33.03%3.78-32.58%--.69%6.866.66%218.06200.75429.7443.60%58.45%3.239.74%42.29-32.96%8.81-31.69%--.86%7.44%260.35239.56-21.91%444.0841.48%200.3176.94%21.836.68%.67-8.30%7.49-7.58%20.65%482.4126.51%26.82%23.087.33%.396.95%6.6421.17%000.00%0.5483.63%43.497.25%0.44%3.88%22.07%494.8623.63%2.8937.15%公司圖10.疫苗上市公司業(yè)績及增速情況(億元；%)扣非歸母凈利潤扣非歸母凈利潤營收YOY扣非YOY200300%150200%100100%%500%%0-100%物、康華生物圖11.血制品上市公司業(yè)績及增速情況(億元；%)00%0%-100%Q表7：2023H1醫(yī)療服務(wù)板塊主要財(cái)務(wù)指標(biāo)情況財(cái)務(wù)指標(biāo)(億元)2021A2022Q12022Q22022H12022Q32Q1-32022Q42022A2023Q12023Q22023H1營業(yè)收入294.60319.13613.73362.18975.91344.80306.69267.78511.71營收增速32.70%36.86%30.21%33.32%34.47%33.74%29.37%4.10%-7.19%-7.03%毛利率39.59%36.74%37.81%37.30%40.87%38.62%36.67%38.11%38.16%37.07%36.54%銷售費(fèi)用率7.75%6.75%6.09%6.41%6.25%6.35%6.74%6.45%6.73%管理及研發(fā)費(fèi)用率7.30%財(cái)務(wù)費(fèi)用率1.21%1.02%-0.27%0.35%-0.32%0.10%1.61%0.50%1.59%0.54%1.02%16研發(fā)費(fèi)用研發(fā)費(fèi)用/收入歸母凈利潤歸母增速扣非凈利潤扣非增速扣非凈利率應(yīng)收賬款應(yīng)收賬款增速經(jīng)營現(xiàn)金流凈額凈利潤1.073.04%29.61%51.29%229.8627.13%214.14%362.84%6.906.36%6.3050.29%--32.60%933.11%9.2978.29%47.5430.29%--9.72%2.98%44.36%3.8438.26%304.2341.92%1.7576.98%3.24%8.0960.89%1.9457.60%--.82%0.043.08%50.40%45.87%323.2939.44%90.98%3.91%-60.64%20.27-4.30%5.88%--4.77650.32%43.513.29%23.51%37.09%320.8940.11%253.34%3.28%44.3220.10%7.994.65%326.897.43%343.49%25.06-27.53%23.03-33.96%8.60%000.00%6.27%3.44%41.05-33.66%6.81-39.67%7.19%393.6021.5252.43%T公司2.4.1.CXO：受全球創(chuàng)新藥投融資環(huán)境和新冠訂單擾動等影響，2023H1業(yè)績增速放緩圖12.CXO上市公司歷年?duì)I收情況(億元)00CXO板塊營收(億元)同比增長201820192020202120222023H1%0%圖13.CXO上市公司歷年歸母凈利潤情況(億元)0CXO板塊歸母凈利潤(億元)同比增長201820192020202120222023H180%70%60%50%30%%市場復(fù)蘇是反轉(zhuǎn)的關(guān)鍵新冠檢測、新冠特效藥等，后疫情時(shí)代隨著新冠業(yè)務(wù)開始衰減，公司表觀業(yè)績被拖累；(2)受宏觀環(huán)境影響，下游企業(yè)客戶研發(fā)投入更加謹(jǐn)慎，尤其是生物醫(yī)藥行業(yè)的投融資承壓，對17上游需求存在壓制；(3)過去幾年大量生命科學(xué)上游公司實(shí)現(xiàn)證券化，儲備資金充裕，產(chǎn)能 比較明顯，科研經(jīng)費(fèi)暫時(shí)沒有出現(xiàn)收縮跡象；(2)工業(yè)市場景氣度下行，尤其是生物醫(yī)藥行我們認(rèn)為困境反轉(zhuǎn)需要業(yè)績預(yù)期修復(fù),工業(yè)市場復(fù)蘇是反轉(zhuǎn)的關(guān)鍵。圖14.生命科學(xué)服務(wù)重點(diǎn)跟蹤上市公司單季度業(yè)績表現(xiàn)公公司營業(yè)收入同比增長扣非凈利潤同比增長2022Q12022Q22022Q32022Q42023Q12023Q22022Q12022Q22022Q32022Q42023Q12023Q2納微科技112%54%51%44%7%177%16%-13%-17%-89%-71%奧浦邁11%16%-28%13%33%-12%-65%諾禾致源6%6%9%14%6%2%-27%44%-35%61%11%藥康生物51%32%34%14%21%16%37%46%38%10%2%-17%南模生物34%-15%26%2%20%63%-251%-149%-303%140%百普賽斯28%33%23%12%20%15%-13%-27%-18%-17%義翹神州-61%-31%-27%-11%10%-71%-40%-58%-34%-47%-47%諾唯贊80%127%48%118%-69%-58%-20%-188%-118%-126%泰坦科技42%16%32%0%13%13%33%-41%37%-48%39%5%阿拉丁47%26%31%25%16%48%-15%-17%-11%-39%-29%康為世紀(jì)42%257%21%-37%-69%10%8033%-69%-110%-130%潔特生物9%-29%-44%-42%-61%-23%-16%-46%-78%-128%-125%-61%優(yōu)寧維2%26%5%13%15%3%-21%-50%-39%萬要與民營醫(yī)院自身的靈活性和產(chǎn)能不飽和有關(guān)，后疫情時(shí)代，民營醫(yī)療的可提升空間更大。療復(fù)蘇明顯。消費(fèi)醫(yī)療方面，不同細(xì)分領(lǐng)域表現(xiàn)分化：(1)眼科同時(shí)白內(nèi)障手術(shù)升級帶來客單價(jià)提升，屈光業(yè)務(wù)增長速度相對較低，我們認(rèn)為主要與消費(fèi)意愿不足有關(guān)，同時(shí)寒假旺季和疫情高發(fā)沖突，暑期旺季和假期旅游沖突；(2)口腔業(yè)績表現(xiàn)承壓，我們認(rèn)為主要與消費(fèi)意愿不足有關(guān)，具體表現(xiàn)為消費(fèi)屬性越強(qiáng)的項(xiàng)目，業(yè)績增長壓力越大，同時(shí)種植牙集采放量節(jié)奏沒有達(dá)到預(yù)期；(3)中醫(yī)和體檢業(yè)績增長亮眼，我們認(rèn)為主要是因?yàn)楹笠咔闀r(shí)代民眾身體處于亞健康狀態(tài)，對自身及家人的健康狀態(tài)更加關(guān)注，調(diào)理和保健需求增強(qiáng)。嚴(yán)肅醫(yī)療方面，腫瘤、康復(fù)、綜合醫(yī)院等嚴(yán)肅醫(yī)療的剛需屬性較強(qiáng)，常規(guī)門診量和住院量大幅提升，業(yè)績增長表現(xiàn)亮眼，我們認(rèn)為存在疫情放開后積壓需求釋放因素，18圖15.民營醫(yī)療服務(wù)重點(diǎn)跟蹤上市公司單季度業(yè)績表現(xiàn)公公司營業(yè)收入同比增長扣非凈利潤同比增長2022Q12022Q22022Q32022Q42023Q12023Q22022Q12022Q22022Q32022Q42023Q12023Q2愛爾眼科19%3%16%-10%20%33%22%6%18%-32%21%33%華廈眼科16%15%38%33%-10%21%59%普瑞眼科21%6%-17%39%73%33%-64%-18%-178%92%563%何氏眼科15%-11%8%-16%27%39%-56%-487%113%41%通策醫(yī)療4%0%-10%3%4%-32%-21%-56%0%5%美年健康-23%15%-16%55%47%-14%-1930%67%-150%61%172%國際醫(yī)學(xué)-52%13%14%247%51%-218%-34%75%8%新里程9%8%4%2%9%104%1993%185%109%1716%-29%信邦制藥8%2%6%6%-32%-68%-29%101%盈康生命102%85%49%-51%35%18%358%739%-35%-36%53%44%三星醫(yī)療43%23%42%14%13%37%41%12%87%386%32%90%三博腦科18%23%83%22%海吉亞醫(yī)療64%21%15%13%4%49%生堂18%19%40%-116%-181%67%錦欣生殖32%25%17%22%-137%18%圖16.2023H1眼科醫(yī)療服務(wù)公司細(xì)分業(yè)務(wù)表現(xiàn)營業(yè)收入(億元)比增長毛利率屈光視光屈光視光屈光視光愛爾眼科1440.283.60.3%30.5%37.5%57.7%55.2%華廈眼科4.976.514.7544.9%44.2%56.9%50.0%普瑞眼科2.757.090%33.4%52.9%43.4%53.0%45.7%何氏眼科 50.5%49.0%光正眼科0.510%33.7%45.6%47.8%45.6%健康防護(hù)、感控等)的營收規(guī)模同比收縮明顯，與院內(nèi)診療、個(gè)人診療和消費(fèi)醫(yī)療有關(guān)的行業(yè)(如各類手術(shù)器械、內(nèi)鏡器械、眼科、IVD化學(xué)發(fā)光等)則實(shí)現(xiàn)了較快的同比增速。面向未來，我們認(rèn)為在器械領(lǐng)域應(yīng)該重點(diǎn)關(guān)注創(chuàng)新與國際化兩條主線。國內(nèi)方面，由于控費(fèi)政策19和反腐政策的推進(jìn)，將來支付端預(yù)計(jì)將向具備真正創(chuàng)新能力、能夠針對性解決臨床痛點(diǎn)、臨床意義與療效得到充分驗(yàn)證的品種傾斜。海外方面，由于器械領(lǐng)域國際市場空間天然高于國頭的技術(shù)不斷突破、對海外高端客戶群的滲透能力越來越強(qiáng)，能夠走出新的國際化邏輯的公表8：2023H1醫(yī)療器械板塊主要財(cái)務(wù)指標(biāo)情況財(cái)務(wù)指標(biāo)(億元)2021A2022Q12022Q22022H12022Q32022Q1-32022Q42022A2023Q22023H1營業(yè)收入2182.85652.36607.741228.39544.051772.44590.082362.51389.59760.78營收增速毛利率銷售費(fèi)用率管理及研發(fā)費(fèi)用率財(cái)務(wù)費(fèi)用率研發(fā)費(fèi)用145.3736.6340.7676.3343.03119.3651.34170.7036.2569.47研發(fā)費(fèi)用/收入歸母凈利潤598.18194.59162.68343.97135.24479.2146.15525.3690.53168.28歸母增速扣非凈利潤566.89190.64156.26333.75129.62463.3739.89503.2683.83157.54扣非增速扣非凈利率應(yīng)收賬款398.70--509.28-515.95-501.000.00275.35應(yīng)收賬款增速----經(jīng)營現(xiàn)金流凈額660.3563.26153.08211.85112.67324.53255.22579.7588.48111.85潤公司H1醫(yī)藥商業(yè)板塊(剔除次新股及ST股)整H財(cái)務(wù)指標(biāo)(億元)2021A2022Q12022Q22022H12022Q322Q1-32022Q42022A2023Q12023Q22023H1營業(yè)收入9512.302467.052497.564964.622689.907654.512683.9352834.192807.985642.17營收增速7.64%4.94%6.27%8.12%8.68%毛利率銷售費(fèi)用率6.24%6.06%6.25%6.16%6.01%6.10%6.77%6.28%5.93%6.10%6.02%管理及研發(fā)費(fèi)用率2.45%2.23%2.19%2.21%2.10%2.17%3.06%2.40%2.17%2.22%2.20%財(cái)務(wù)費(fèi)用率0.77%0.76%0.69%0.72%0.68%0.71%0.78%0.73%0.70%0.64%0.67%研發(fā)費(fèi)用25.66841319328.20384收入0.27%0.24%0.21%0.22%0.27%0.24%0.37%0.27%0.25%0.24%0.25%歸母凈利潤209.131.05.064.192.496.48歸母增速6.93%-4.71%-40.02%-4.97%22.42%2.27%扣非凈利潤49.370.960.0022.759.029.16扣非增速0.33%6.05%4.35%5.10%6.73%-6.31%4.91%-2.96%7.11%扣非凈利率2.00%2.44%2.22%2.09%0.85%2.08%2.11%2.09%應(yīng)收賬款2389.66--2739.83-2918.41-2543.242946.52003030.50應(yīng)收賬款增速9.67%--8.51%--6.43%8.91%0.00%經(jīng)營現(xiàn)金流凈額273.74.075.21302.60357.81經(jīng)營現(xiàn)金流潤-256.64%30.62%%%公司降1.92%。在疫后診療逐步恢復(fù)，集采影響漸漸出清及多省份出臺政策取消醫(yī)行業(yè)專題/醫(yī)藥圖17.醫(yī)藥流通上市公司歷年?duì)I收情況(億元)00000.00000.00醫(yī)藥流通營收(億元)同比增長0%0.00%201820192020202120222023H1圖18.醫(yī)藥流通上市公司歷年歸母凈利潤情況(億元)醫(yī)藥流通歸母凈利潤(億元)同比增長0.00201820192020202120222023H10%0%-10.00%0%療、開開B股圖19.零售藥房上市公司歷年?duì)I收情況(億元)00零售藥房營收(億元)同比增長30%25%%%201820192020202120222023H1圖20.零售藥房上市公司歷年歸母凈利潤情況(億元)00零售藥房歸母凈利潤(億元)同比增長%%-10%23H1年中藥板塊(剔除次新股及ST股)整行業(yè)專題/醫(yī)藥表10：2023H1中藥板塊主要財(cái)務(wù)指標(biāo)情況財(cái)務(wù)指標(biāo)(億元)2021A2022Q12022Q22022H12022Q32Q1-32022Q42022A2023Q12023Q22023H1營業(yè)收入3237.81868.76806.41818.922494.09909.303403.39998.88926.23營收增速9.32%2.30%3.33%2.79%2.31%2.63%5.11%毛利率45.06%45.01%43.98%44.51%44.40%44.47%44.16%44.39%46.58%44.72%45.76%銷售費(fèi)用率24.66%22.61%23.15%22.87%24.40%23.37%25.09%23.83%22.92%23.71%23.38%管理及研發(fā)費(fèi)用率8.18%6.89%8.10%7.47%7.85%7.59%9.65%8.14%6.63%7.42%7.01%財(cái)務(wù)費(fèi)用率0.14%-0.03%0.03%0.00%0.15%0.05%0.00%0.04%0.00%-0.12%-0.04%研發(fā)費(fèi)用6.7021.9241.0021.612.611.824.4320.4222.1642.80研發(fā)費(fèi)用/收入2.68%2.20%2.72%2.45%2.64%2.51%3.50%2.77%2.04%2.39%2.21%歸母凈利潤311.592.50.69.75248.9425.88274.81253.81歸母增速9.72%-0.90%9.53%-5.13%-47.39%48.87%32.78%43.59%扣非凈利潤246.688.16.43244.0009253.09235.99扣非增速5.22%-7.73%-0.43%3.42%0.73%%2.60%29.42%38.67%33.98%扣非凈利率7.62%8.45%9.21%9.78%7.44%應(yīng)收賬款622.37--06.09-18.60-698.0884.070091.30應(yīng)收賬款增速----0.00%經(jīng)營現(xiàn)金流凈額427.904.04241.390.44331.83236.42568.2522.33242.11經(jīng)營現(xiàn)金流凈額/凈利潤%69.24%222.55%%%%913.67%206.77%%95.39%公司管控放開，以感冒呼吸為特色的OTC品種普遍受益，渠道出現(xiàn)補(bǔ)庫存周期；(2)政策相對友好，醫(yī)保目錄推薦、指南共識推薦、基藥目錄推薦等形成強(qiáng)大的中藥消費(fèi)推力；(3)疫后民眾的保健意識增長，自我免疫力提升的需求對中藥消費(fèi)形成強(qiáng)烈刺激。從上市公司業(yè)績表現(xiàn)速的重要催化劑，但是大部分公司渠道庫存管控良好，業(yè)績持續(xù)性較強(qiáng)，這是這一輪中藥行院外中藥和院內(nèi)中藥兩部分，其中院外中藥是指銷售場景主要發(fā)生在零售渠道的中藥品種，括中藥創(chuàng)新藥(口服)、中藥注射劑、中藥配方顆粒等。(1)院外中藥方面：根據(jù)中藥材天地網(wǎng)顯示，天然牛黃今年以來價(jià)格大幅上漲，迫于生產(chǎn)成本的壓力，我們認(rèn)為相關(guān)中藥資源品牌OTC提價(jià)周期。(2)院內(nèi)中藥方面，受當(dāng)前醫(yī)療政策環(huán)境影響，處于入院推廣期的中藥創(chuàng)新藥品種可能階段性增速放緩，中藥注射劑的臨床價(jià)值需要重新審視，中藥配方顆粒面臨山內(nèi)中藥階段性壓力較大。圖21.2023H1中藥公司營業(yè)收入同比增速區(qū)間986986643104增長40%以上增長30-40%增長20-30%增長10-20%增長0-10%下滑0-10%下滑10-20%下滑20-30%下滑30-40%下滑40%以上圖22.2023H1中藥公司扣非凈利潤同比增速區(qū)間31331364321442增長100%以上增長50-100%增長20-50%增長10-20%增長0-10%下滑0-10%下滑10-20%下滑30-50%下滑50-100%下滑100%以上圖23.中藥重點(diǎn)跟蹤上市公司單季度業(yè)績表現(xiàn)公公司營業(yè)收入同比增長扣非凈利潤同比增長2022Q12022Q22022Q32022Q42023Q12023Q22022Q12022Q22022Q32022Q42023Q12023Q2片仔癀17%12%9%12%16%21%15%-16%4%14%26%云南白藥19%11%14%-36%0%29%6%299%仁堂7%2%14%30%30%25%13%-13