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医药生物行业:医改政策全面推进,零售药店欣欣向荣-20190620-东北证券-36页
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医药
生物
行业
政策
全面
推进
零售
药店
欣欣向荣
20190620
东北
证券
36
/2020192019Q131.1%30.6%29.4%2019ROEROE ROEROE20%ROE EPS PE 2018A 2019E 2020E 2018A 2019E 2020E 39.58 1.02 1.24 1.50 38.80 31.91 26.38 59.52 1.11 1.48 1.96 53.62 40.22 30.37 25.96 0.92 1.15 1.46 28.22 22.57 17.78 54.33 1.53 1.83 2.22 35.50 29.69 24.47 -33%-24%-15%-6%3%12%2018/6/202018/10/92019/1/222019/5/17%1M 3M 12M-5.12%-10.45%-20.61%-5.64%-5.67%-18.32%323 38243 28878 27.36 2.62 17273 1055%47.96 20182018-09-09 20182018-07-03 2018-04-10 20182017-11-30 S0550519050002 021-20361120 2/361.31.1.41.2.“+”.51.3.61.4.OTCOTC.82.+.92.1.92.2.132.2.1.132.2.2.+.153.163.1.163.1.1.“+”.163.1.2.173.1.3.183.1.4.193.2.203.2.1.213.2.2.223.3.233.3.1.233.3.2.SKU.243.3.3.243.4.273.4.1.273.4.2.“+”.273.4.3.284.ROE.305.325.1.325.2.335.3.335.4.33 3/36 1.20209085%15%201840008%23%57.24%1 20+2 4/36 1.1.200836.5201745.231.27%3 24.920.33201127.7-10%200812.9201724.910%200835.38%201750.05%2012 4 5 8%90%99%5/36 85%6 2011080 12017 1 1107951 2 912020 3 850891 4 833313 5 830838 6 725001 7 560087 8 416633 9 382051 10 382564 1.2.6/36 7 1.3.20050 8 CMH 7/36 50%80%9 CMH 10 CMH 8/36 20%1.4.OTCOTC50%30%2010-2017OTCOTC 112009-2017RXOTC 9%34%12 13 OTC 9/36 14 15 CMH CMH 2.+2.1.2009 2 2014 2014 2015 2015 2016 2016 2016 2016+2020 2016 2016-2020 40%50%2017 10/36 2017 7 930 2017 2017 2017 2018+2015170%10%30%20%1/379%2000 16 17 201122%20167.60%15%20168.50%20172018 11/36 18 2014201838 3 20162 201612 20174 ,20175 :,20176 20177 12/36 20178 20179 201710 20181 20183 ()()20183 20183 :20184 1 23 20185 4 O2O 13/36 19/2.2.2.2.1.200792012122012 2017201820252020 14/36 20 201811AAAAAA 5 201212 AAAAAA AOTCAAOTCAAAOTC 201711 AAAAAA OTCOTCOTC 20181 AAAAAA OTC 201811 AAAAAA CFDA 15/36 2018415 6 1 11 12 2.2.2.+2015A2017 7 2018 2018 830923.OC 2014-07-30 2.78 0.11 831667.OC 2015-01-15 0.53 0.00 834888.OC 2015-12-12 4.57 0.13 835600.OC 2016-01-29 7.87 0.06 836265.OC 2016-03-14 0.33-0.05 837119.OC 2016-05-12 2.61-0.03 837742.OC 2016-06-09 1.80-0.37 870572.OC 2017-01-14 0.62-0.01 870594.OC 2017-01-23 1.98-0.16 870811.OC 2017-03-11 0.94 0.02 871992.OC 2017-08-16 3.16 0.08 Wind 2016 16/36 10 8 10 3.3.1.3.1.1.+17/36 2014102017 9 2012 138 0 71 0 367 0-2013 70 3 107 150 517 0-2014 163 0 179 81 234 0 348 0 2015 262 63 543 286 576 301 350 0 2016 287 193 193 295 405 224 392 120 2017 349 167 339 318 448 662 402 231 2018 546 959 506 413 671 21 701 266 3.1.2.2011100%2010782012-20136828382012138201320142128835121512-24620151260924 18/36 21 3.1.3.70%2018107725%10.2673267.97%10.4934532.03%22 23 CMH 550527 19/36 39.7%10.1%9.1%24 CMH 2018 25 3.1.4.10%50%20/36 26 27 150201813.8386.31%100CVSCVS19887502090CVS9000 28CVS CVS 3.2.21/36 29 3.2.1.30 22/36 3.2.2.31 10 2015-10-15 2004-04-29 2009-12-17 2015-08-12 2011-08-25 2015-11-05 OEM 2001-03-22 2005-02-05 23/36 32 3.3.3.3.1.OTC201660%OTC32.80%33 2015-2016OTC/RX 342016 CMH CMH 24/36 3.3.2.SKU SKUOTC20-5050-10020020-5050-100100-20020020142016 35SKUOTC 36SKURX CMH CMH 37 SKUDTP 3.3.3.4 25/36 38 39 80%70/460/40 412018 1000/26/36 424 480%434 44 201025.58%201529.63%20155.46%20104.89%27/36 45 464 3.4.3.4.1.50%-60%90%47 3.4.2.+28/36+48 3.4.3.200520177050%49 29/36 11 1999.12 2000.06 2000.09 2005.09 2013.10 2014.05 2014 2014.09 2015.05 2017.11 2018.02 B2C+O2O4B2CB2CO2OB2CB2CO2O 50O2O+B2C 30/36 4.ROE ROE ROE 51ROE 4 ROE 201020142014ROEROEROE 52ROE 53ROE 31/36 54ROE 55ROE 56ROE 57ROE 58ROE 59ROE ROE CVS2007ROE15%2007CeremarkROE2010ROE 32/36 15%60CVSROE 61CVSROE Bloomberg Bloomberg ROECVSWBACVSWBAROECVSWBAROE20%62ROE2018 5.5.1.33/36 62019400939961320%3%17%20192019-2021 EPS1.241.501.83PE31.91x26.38x21.62x 5.2.+2019Q1395821220193471314320431201910 5.3.10260201960052019Q127520182019250040%2017 5.4.34/36 2019172019Q120010991231773466749421582%35/36 20173 “”R3ABAAABS “”615%65%15%6-5%5%65%15%615%6 6 6 36/36 http:/400-600-0686 6666 130119 28D 100033 729 200127 1224D 518000 021-20361121 13564972909 021-20361229 17717370432 021-20361258 18221628116 021-20361267 13956071185 chen_ 021-20361258 13120758587 L 021-20361121 18516562656 021-20361112 18801903156 010-58034553 18515018255 010-58034557 18501954588 010-58034555 13701194494 010-58034563 18501944669 010-58034565 18601018177 010-58034561 18600646766 0755-33975865 18938029743 liu_ 0755-33975865 15989508876 0755-33975865 13662669201 0755-33975865 18682251183 0755-33975865 18516772531 扫码关注:金融干货精选获取更多干货资料