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中信证券--奇正藏药(002287)藏药奇葩-止痛专家.pdf
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中信 证券 藏药 002287 奇葩 止痛 专家
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17?002287?2009?8?14?2EPS?/?PE?2009-8-132008 2009E2010E2011E2008 2009E 2010E 2011E?600267 44928 44928 15.80 0.44 0.52 0.65 0.86 36 30 24 18?600849 56917 40019 12.18 0.12 0.28 0.35 0.40 102 44 35 30?600511 47880 27764 17.77 0.41 0.52 0.67 0.83 44 35 27 22?10.72?DCF?10.72?3?Beta 0.90?4.35%?5.00%?7.07?40,600.00?(E)287,042.00 Kd 7.47%T2.00%?Beta 0.89 Ke8.80%WACC 8.21%TV?%1.00%?10.72-11.25?10.72-11.25?20%?8.93-9.38?002287?2009?8?14?3?002287?97%?1?06-1H09?%?0%25%50%75%100%2006200720081H2009?4?06-09?2.7?3.4?4.1?2.0?2006-2009?96%?87%?87%?89%?97%?89%?88%?90%?2?06?95.9%1.6%0.4%2.1%?3?07?87.2%5.2%3.5%4.1%?002287?2009?8?14?4?4?08?86.5%5.5%2.8%5.2%?5?1H09?88.8%3.5%3.0%4.7%?6?:?1995?002287?2009?8?14?5?7?5?2008 1H2009?100%?6415 3736 923 6750 4501 765?100%?2499 2087-46 2376 2107 20?65%?346 342 45 402 390 48?100%?17376 490 13 19924 761 270?100%?7373 478 38 4082 418-60?100%?49 49 0 50 49 0?100%?286-620-251 341-606 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