Guosen Securities (HK)  
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股票数据
 一天一周一个月三个月六个月一年从月初从年初
绝对回报 (%) (3.44) (8.59) (14.27) (14.01) (34.81) (36.65) 0 (40.88)
绝对回报 (美元, %) (3.44) (8.59) (14.27) (14.00) N.A. (35.91) N.A. (40.56)
相对于 HSI 回报 (%) (1.63) (4.36) (5.50) (8.07) N.A. (25.35) 7.41 (23.57)
 
最新五个研究报告
下面包含5个最新的研究报告,请到研究报告存库页面检索所有相关文件。
 
国药控股 (1099 HK) 恢复增长前景 - 9月 14, 2018 (10 页)  
国药控股于8月27日公布2018年中期业绩,其核心利润为人民币26.35亿元,同比下降10%,占我们18财年预期的49.6%并占分析师一致预期的47.3%。18年二季度利润同比增长18%至人民币15.47亿元,较盈利同比下降28%的18年一季度恢复增长前景。我们预计18年下半年集团调拨收入比例将从18年中期的12%(17年中期:20%)降至10%,归因于“两票制”的深化实施带来(1)更高的直销业务毛利率;及(2)更高的偏远地区业务营业费用率。我们上调目标价至45.15港元并维持买入评级。

Sinopharm (1099 HK) Market leader with no fear of the storm - 4月 12, 2018 (7 页)  
On 10 April, Sinopharm issued profit warning with 1Q18 earnings to fall 30% y-o-y, on (1) less drug sales via hospitals to outpatients and controlled medical reimbursement; and (2) more opex to sales/ finance costs for deeper sales coverage. We see Sinopharm as #1 distributor will pick up sales and cost control, having earnings growth by end of each year. Maintain BUY with lower SOTP-TP at HKD40.20.

Sinopharm (1099 HK) Optimistic 2018 outlook stays - 3月 27, 2018 (9 页)  
Sinopharm, on 26 Mar, reported its FY17 net profit at RMB5.3bn, while its core profit of RMB5,251m (+14% y-o-y) beat ours and Bloomberg estimate by 10% and 5%, mainly on wider margin and more profit from wholly owned subsidiaries. We keep our view of Sinopharm to be the winner of “Two Invoice System” as a main distributor. Keep BUY with higher TP at HKD46.00 on wider margin and more profit from wholly owned subsidiaries.

China Healthcare Focus on biotech and high-end drugmakers - 3月 14, 2018 (18 页)  
In the upcoming (Dec-ended) result season and from those stocks we actively cover, we expect biotech (Genscript) and high-end drugmakers (3SBio and Livzon Pharm) to have in-line results with Bloomberg consensus and ours. Moreover, concentrated Chinese medicine granule (CCMG) leader (China TCM) is forecast to beat consensus, on recovering finished drug and stable CCMG sales and margins. We see drug-makers like United Lab, Luye and Sinopharm as the key distributor would likely fall short of consensus estimate.

Sinopharm (1099 HK) Eyes on 2018’s book - 11月 1, 2017 (9 页)  
On 30 Oct, Sinopharm reported its 9M17 net profit at RMB3,660m. Its 3Q17 core profit of RMB1,149m fell 16% y-o-y on bigger interest cost, 22% of our full-year total (3Q16: 29%). Post conference call, we see (1) good sales in 2018/19 on provinces with Two Invoice System as a main distributor, and (2) it to achieve operating cash inflow in 2018 vs expected outflow over 2017. Keep BUY but lower TP at HKD42.75 on smaller sales and bigger finance cost.


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