医药行业年报及一季报总结：行业整体平稳增长子板块分化加剧

1、目 录3TOC o 1-1 h z u HYPERLINK l _TOC_250007 化学制剂商誉减对利润影响较，两票带动毛率提升4 HYPERLINK l _TOC_250006 中药：业维持平增长，牌中药现较好6 HYPERLINK l _TOC_250005 生物药：绩保持增长，苗板块现突出9 HYPERLINK l _TOC_250004 医药流通两票制响减弱业绩增逐步回暖 HYPERLINK l _TOC_250003 零售药店业绩维高速增，长期长空间大12 HYPERLINK l _TOC_250002 医疗服务业绩持高速增，龙头模效应步体现14 HYPERLINK l _TOC

2、_250001 医疗器械业绩增相对较，盈利力不断强15 HYPERLINK l _TOC_250000 化学原料：行业速下行环保政和安全故影响172018 14629.10 20.06%972.89-9.71%；2019Q1 3986.67 335.43 13.28%。图 1：医药行业上市公司营业收入及增速图 2：医药行业上市公司归母净利润及增速数据来源： ，Wind数据来源： ，Wind2018 （31.84%、医（26.83%（25.25%（23.58%（20.37%、医疗服务板块（19.31%）（7.63%。图 3：医药子行业 2018 年营业收入增速对比图 4：医药子行业 2018 年

3、归母净利润增速对比数据来源： ，Wind数据来源： ，Wind20191 31.09%22.79%）和生物药板块21.77%48.52%42.8%）（30.63%图 5：医药子行业 2019Q1 营业收入增速对比图 6：医药子行业 2019Q1 归母净利润增速对比数据来源： ，Wind数据来源： ，Wind化学制剂板块 2018 年收入总额增速为 19.98%，归母净利润总额增速为-36.08%； 2019Q1 收入总额增速为 12.78%，归母净利润总额增速为 3.72%。图 7：化学制剂板块营业收入及增速图 8：化学制剂板块归母净利润及增速数据来源： ，Wind数据来源： ，Wind201

4、8 2019Q1 53.37%53.59%，归母净利润率分别6.61%9.26%2018 2019Q1 销售费用率分29.22%29.1%6.5%6.12%.21%1.63%图 9：化学制剂板块毛利率和净利率图 10：化学制剂板块三项费用率数据来源： ，Wind数据来源： ，Wind2019Q1 丰原药业、仙琚制药、东诚药业、表 1：化学制剂板块上市公司 2018 年和 2019Q1 业绩情况2019Q1证券代码证券简增速归母净利润润增速增速归母净利润归母净利润增速000153.SZ000513.SZ000566.SZ000908.SZ000915.SZ002262.SZ002294.SZ00

5、2332.SZ002370.SZ002393.SZ002411.SZ002422.SZ002435.SZ002437.SZ002653.SZ002675.SZ002728.SZ002773.SZ002898.SZ002900.SZ002923.SZ002940.SZ300006.SZ信立泰海思科哈三联昂利康30.1388.6124.7225.8615.2638.5846.5236.2213.1084.4746.7454.8134.2723.338.8529.174.3621.7310.4412.5515.6216.88%3.86%35.48%0.08%13.69%11.99%26.96%20.

6、94%46.06%57.35%43.00%56.47%80.20%84.61%46.20%28.83%4.70%19.78%89.11%33.93%43.74%21.86%7.507.562.953.208.363.664.348.395.342.457.170.665.013.413.833.135.26%10.06%14.99%13.31%5.51%0.70%14.72%10.32%13.55%9.05%18.39%4.98%75.50%33.67%20.11%2.43%-27.02%5.99%53.35%43.31%-4.31%0.6110.821.201.871.305.2514.58

7、3.012.081.854.0412.133.671.263.332.801.566.950.612.061.071.090.98-6.76%38.02%15.25%32.99%0.44%45.85%2.79%58.35%62.04%9.69%40.28%62.45%46.28%7.88%-5.60%13.66%17.86%7.53%76.39%0.173.930.730.190.241.263.220.580.570.441.553.360.810.850.500.650.400.030.540.290.340.2144.67%13.07%1.30%26.90%-67.65%23.64%-2

8、2.57%43.23%-13.28%8.55%-28.34%-12.40%2.94%-12.91%-16.65%48.66%61.88%2.44%-13.76%45.24%0.21%-54.32%300016.SZ300086.SZ300110.SZ300158.SZ300194.SZ300199.SZ300254.SZ300436.SZ300558.SZ300573.SZ300584.SZ300630.SZ300702.SZ300705.SZ300723.SZ600062.SH600079.SH600227.SH600276.SH600380.SH600420.SH600513.SH6006

9、64.SH600812.SH600851.SH603168.SH603222.SH603669.SH603676.SH000963.SZ002020.SZ600267.SH广生堂一品红圣济堂健康元卫信康6.088.8313.8434.2026.6912.6411.374.0212.244.317.126.2414.678.0114.3082.2524.3110.1933.3092.1410.996.076.9816.697.465.4629.4416.36%83.59%5.49%-8.36%27.67%1.46%21.04%35.89%19.27%19.77%56.45%92.07%23.45

10、%49.93%3.57%28.08%20.64%43.58%25.89%3.94%32.91%47.91%28.10%19.52%9.82%15.75%66.10%77.53%60.10%10.17%32.66%-3.63%1.732.663.338.997.261.932.531.093.751.574.981.783.364.232.469.372.251.471.933.651.551.468.9341.65%112.91%3.03%16.32%-4.78%-28.22%-6.32%25.32%31.70%24.82%28.73%67.07%66.75%5.82%-9.40%23.16%

11、18.59%-18.32%28.77%11.05%2.10%9.30%-6.43%6.74%8.26%7.95%-21.10%17.40%12.18%0.17%18.82%23.84%38.81%-0.86%1.480.130.39(1.47)(3.60)(3.41)0.070.161.670.140.831.811.640.722.089.69(23.58)1.9940.666.997.060.743.461.611.511.35(1.26)0.321.830.730.9722.673.70(4.92)24.36%-73.37%3.33%-148.90%-226.39%-203.35%-66

12、.59%-50.91%-35.27%-65.37%26.86%84.38%63.37%4.99%32.88%14.95%-213.97%442.20%26.39%-67.21%36.78%4.27%-14.95%41.27%703.04%28.44%-186.41%-39.37%13.47%-27.71%39.96%27.41%39.97%-3729.11%0.410.270.050.510.740.520.200.080.520.010.220.701.280.100.493.291.73(0.32)11.933.051.850.17(1.45)0.480.310.230.190.360.2

13、00.249.071.310.3241.11%34.39%116.30%1.58%-16.48%-47.01%171.31%-37.47%20.82%-141.41%31.08%125.11%529.78%-18.53%27.00%9.55%-2.64%-172.51%25.61%35.29%6.83%5.30%-203.52%-46.74%16.45%24.18%-52.41%0.45%10.69%-39.35%35.28%37.63%49.24%194.07%数据来源： ，Wind中药板块 2018 年收入总额增速为 18.48%，归母净利润总额增速为-4.02%；2019Q1收入总额增速

14、为 22.79%，归母净利润总额增速为 20.58%。图 11：中药板块营业收入及增速图 12：中药板块归母净利润及增速数据来源： ，Wind数据来源： ，Wind2018 2019Q1 48.66%46.18%，归母净利润率分别为10.07%和 12.75%，毛利率和归母净利润率基本维持稳定。三项费用率方面，2018 2019126.66%24.20%5.49%5.03%，1.36%1.30%，销售费用率基本维持稳定，管理费用率下降主要因扣除研发费用所致。图 13：中药板块毛利率和净利率图 14：中药板块三项费用率数据来源： ，Wind数据来源： ，Wind中药板块中，2018 年启迪古汉、

15、太极集团和寿仙谷等企业业绩增速较快，2019Q1 仁和药业、羚锐制药和白云山等企业业绩增速较快。表 2：中药板块上市公司 2018 年和 2019Q1 业绩情况2019Q1证券代码证券简增速润增速增速归母净利润归母净利润增速000423.SZ000538.SZ000423.SZ000538.SZ000590.SZ000623.SZ98.53%6.45-49.81%9.3516.17%8.2211.67%33.24吉林敖东97.62%0.11-299.17%(0.38)48.50%0.88-45.91%1.86启迪古汉4.97%8.465.14%33.0710.04%69.739.84%267.

16、08云南白药-35.48%3.931.98%20.85-23.83%12.92-0.46%73.38东阿阿胶000650.SZ000766.SZ000790.SZ000919.SZ000989.SZ000999.SZ002107.SZ002198.SZ002275.SZ002287.SZ002317.SZ002349.SZ002390.SZ002412.SZ002424.SZ002433.SZ002566.SZ002603.SZ002644.SZ002737.SZ002750.SZ002817.SZ002826.SZ002864.SZ002873.SZ002907.SZ300026.SZ300

17、039.SZ300108.SZ300147.SZ300181.SZ300519.SZ300534.SZ九芝堂太安堂同仁堂白云山44.0320.956.3328.9931.237.7413.255.3715.8523.6213.5565.809.2231.3733.159.7548.155.4544.723.362.954.894.896.947.0342.2415.019.4225.047.302.762.0310.2811.9532.9920.5363.5929.1871.0214.56%37.67%7.19%-9.17%-18.61%20.75%6.57%-0.17%14.72%-1.94

18、%15.20%20.23%20.86%9.63%11.09%21.03%2.36%-5.74%17.97%8.67%16.00%10.36%3.06%28.53%29.90%1.84%18.80%25.19%-4.41%34.52%14.49%-8.02%-11.13%-24.64%6.23%22.38%12.26%2.26%61.10%11.07%11.77%101.55%14.05%21.35%11.904.091.576.139.3334.821.871.620.883.772.546.143.4215.612.147.048.042.4515.501.5612.130.650.781.

19、061.211.621.9210.444.002.996.532.030.850.5839.1131.072.972.728.765.818.2117.7813.98%13.66%19.73%-22.52%11.17%3.02%1.18%-53.04%-6.06%9.22%11.78%2.82%4.84%3.27%-5.44%3.60%18.25%-4.88%-1.94%9.25%11.17%-21.29%3.17%16.76%27.88%3.66%16.23%8.23%-23.19%11.41%19.93%0.87%0.38%6.73%38.08%39.64%-13.09%31.29%4.4

20、1%8.56%161.32%6.76%8.24%5.063.310.312.423.2714.320.461.740.364.133.194.362.30(12.97)1.485.632.710.695.990.745.630.140.360.250.650.711.372.272.170.560.210.880.1211.340.702.16(1.15)6.132.435.6234.412.733.3633.20%28.30%-81.84%76.32%-54.63%10.02%-19.95%-53.15%-10.99%5.96%3.70%31.00%-505.98%35.59%7.05%-6

21、.72%15.00%10.82%0.26%32.85%-60.55%-22.51%-58.23%47.94%7.35%22.66%-53.23%-16.71%7.01%-14.41%-54.03%-17.11%-28.23%11.49%-28.40%-6.11%-2347.95%1.40%12.04%17.98%66.90%36.53%1.65%1.430.510.122.100.8111.670.14(0.19)0.080.880.851.260.680.620.401.570.360.172.880.131.630.050.090.070.120.170.311.750.720.290.3

22、10.330.073.491.050.710.131.741.011.9014.070.751.0334.21%-12.88%132.51%346.52%-43.42%175.91%-21.42%0.24%5.11%9.99%2.96%12.51%-16.09%10.52%5.33%-35.93%-7.18%-41.58%11.30%-27.62%-17.64%6.83%24.77%1.23%6.04%5.14%-28.07%-18.74%18.87%20.76%-1.15%4.05%10.18%803.87%3.00%519.23%47.70%35.88%9.60%55.42%25.23%2

23、5.33%片仔癀天士力康恩贝广誉远马应龙珍宝岛寿仙谷47.6633.292.2572.0867.8738.8318.533.5816.1963.1721.6121.983.7627.864.0110.5128.33%4.58%10.11%11.78%-48.33%16.77%27.76%28.20%1.97%6.75%103.24%0.49%38.51%8.92%-20.28%25.53%2.33%-11.31%-1.44%38.24%47.20%45.83%8.040.568.254.260.765.372.715.156.100.887.891.650.832.3921.45%16.47%

24、15.66%14.43%20.45%-2.26%-5.27%23.52%16.72%-7.56%1.02%4.43%22.86%16.62%29.41%18.61%30.79%-4.07%11.432.5511.3515.45(0.22)4.3116.888.04(7.26)1.06(0.09)4.703.748.890.811.760.564.6218.881.080.7341.62%22.91%-47.20%12.25%-344.18%15.41%37.96%13.03%-287.21%-18.14%-209.09%12.55%57.99%126.67%-10.53%-44.94%-11.

25、73%-11.22%15.29%21.12%-75.93%22.30%4.040.442.214.480.021.125.101.760.590.24(0.02)1.270.572.150.271.330.101.692.840.430.070.2423.99%28.49%-84.48%20.64%1183.33%18.02%9.29%-34.22%-41.54%-21.35%-109.22%9.50%11.00%17.26%-6.47%94.48%0.68%7.48%37.79%19.74%-14.65%2.35%数据来源： ，Wind生物药板块 2018 年收入总额增速为 31.84%，归

26、母净利润总额增速为-11.16%； 2019Q1 收入总额增速为 21.77%，归母净利润总额增速为 48.52%。图 15：生物药板块营业收入及增速图 16：生物药板块归母净利润及增速数据来源： ，Wind数据来源： ，Wind2018 2019Q1 65.63%63.07%，归母净利润率分别为14.65%率方面，2018 2019Q1 31.96%27.93%，管理费用率分别为8.18%1.27%图 17：生物药板块毛利率和净利率图 18：生物药板块三项费用率数据来源： ，Wind数据来源： ，Wind生物药板块中，2018 年智飞生物、长春高新、沃森生物和艾德生物等企业业绩增速较快，20

27、19Q1 智飞生物、长春高新、沃森生物和正海生物等企业业绩增速较快。表 3：生物药板块上市公司 2018 年和 2019Q1 业绩情况2019Q1证券代码证券简增速归母净利润归母净利润增速增速归母净利润归母净利润增速002252.SZ002693.SZ000004.SZ000518.SZ300239.SZ300381.SZ002166.SZ300289.SZ300653.SZ300683.SZ300142.SZ002880.SZ300685.SZ002030.SZ000403.SZ300255.SZ溢多利利德曼4.423.373.673.967.454.536.206.552.165.908.

28、796.884.398.602.60-6.41%-5.31%36.66%164.68%14.29%-1.59%27.09%17.94%-22.68%13.68%17.92%-21.24%31.54%10.36%32.89%-4.13%25.45%-7.80%73.08%16.37%5.850.840.791.070.681.501.133.411.041.170.611.561.761.691.192.531.770.801.934.5984.15%41.47%-4.63%14.43%1.62%-6.27%30.18%18.64%49.72%28.87%34.12%-4.01%4.96%39.

29、68%(15.18)(0.45)(0.69)(0.20)(0.29)0.380.341.140.820.400.860.941.571.271.020.80(5.06)2.641.40-281.66%-208.88%-336.52%-503.84%-28.32%51.56%41.15%-60.35%-44.61%39.16%-33.89%-294.77%1.22%34.73%17.50%270.28%-415.43%-44.88%-28.91%2.19(0.05)(0.09)0.05(0.13)0.08(0.18)0.060.270.300.400.270.330.280.240.770.49

30、0.57-131.74%-3.13%158.14%159.71%-458.26%74.33%10.45%-257.28%-67.63%23.63%25.74%68.77%9.05%30.46%1.65%-13.78%147.92%22.10%24.86%300357.SZ300357.SZ300204.SZ300009.SZ300485.SZ300294.SZ002581.SZ300601.SZ600161.SH600645.SH000813.SZ002038.SZ002007.SZ000661.SZ300122.SZ600867.SH我武生物舒泰神赛升药业通化东宝5.018.0614.621

31、4.2824.516.6520.1713.2132.9121.6732.1753.7552.2826.9329.87%-41.92%33.32%90.37%67.84%-42.83%73.69%66.05%51.63%48.22%74.50%35.84%31.03%289.43%5.80%1.381.733.471.956.511.263.427.063.214.814.666.9617.7522.947.1429.13%-36.85%24.16%-27.83%31.83%-14.26%-15.31%27.48%49.50%-38.92%5.79%23.83%72.07%173.58%-0.7

32、0%2.3325.14%1.34-49.03%2.63-5.25%2.830.54%4.6931.57%(0.96)-124.66%4.36102.93%5.09-56.82%0.59-420.96%9.3116.73%5.717.10%11.4038.83%10.0752.05%14.51235.75%8.390.25%0.660.280.660.450.89(0.13)1.001.320.311.212.012.603.655.022.7427.31%11.40%22.98%-115.70%-9.25%19.39%9.98%25.16%73.66%93.38%600196.SH复星医药34

33、.45%67.3017.67%27.08-13.33%7.120.92%数据来源： ，Wind医药流通板块 2018 年收入总额增速为 18.05%，归母净利润总额增速为 6.14%； 2019Q1 收入总额增速为 18.51%，归母净利润总额增速为 6.57%。图 19：医药流通板块营业收入及增速图 20：医药流通板块归母净利润及增速数据来源： ，Wind数据来源： ，Wind2018 2019Q1 12.37%11.97%，归母净利润率分别2.37%2.26%，毛利率提升主要因两票制带来的调拨转纯销以及龙头规模效应凸显所致。三项费用率方面，2018 2019Q1 5.27%5.16%， 2

34、.30%0.92%图 21：医药流通板块毛利率和净利率图 22：医药流通中药板块三项费用率数据来源： ，Wind数据来源： ，Wind医药流通板块中，2018 年嘉事堂、鹭燕医药、上海医药和柳药股份等企业业绩增速较快，2019Q1 英特集团、鹭燕医药和柳药股份等业绩增速较快。表 4：医药流通板块上市公司 2018 年和 2019Q1 业绩情况2019Q1证券代码证券简增速润增速增速归母净利润归母净利润增速000028.SZ000078.SZ000028.SZ000078.SZ000411.SZ000705.SZ002462.SZ002589.SZ002758.SZ002788.SZ600056

35、.SH600090.SH600272.SH600713.SH600829.SH600833.SH600998.SH601607.SH603368.SH603716.SH塞力斯13.1743.12%3.6015.50%0.220.33%0.9438.41%41.68%1.6031.59%5.2824.89%33.8624.00%117.15柳药股份10.42%11.2610.24%38.8126.44%460.0721.58%1590.84上海医药47.78%3.27-7.26%13.4111.04%246.6317.84%871.36九州通22.68%0.148.53%0.47-1.72%3.

36、08-24.39%11.77第一医药5.78%0.741.44%2.5815.20%19.65-11.91%70.55人民同泰8.93%0.7210.46%2.6416.05%87.3613.94%313.03南京医药12.41%2.8623.01%14.0410.07%100.496.77%387.40国药股份-13.97%0.07-9.04%0.353.86%2.56-8.79%8.78开开实业4.33%1.392.70%5.297.05%26.0510.01%108.42同济堂-4.06%4.0918.94%15.4525.22%82.453.00%310.06中国医药37.15%0.4

37、438.09%1.8031.83%34.2737.93%115.01鹭燕医药0.52%0.08-17.83%0.356.16%4.1411.22%15.23华通医药-32.26%1.90-22.77%7.7922.62%87.4245.61%339.19瑞康医药12.49%0.9924.27%3.2827.73%48.3926.13%179.60嘉事堂12.22%0.1616.04%0.719.65%7.7710.87%28.58浙江震元32.11%0.3012.41%0.9410.93%56.828.38%204.92英特集团-13.49%1.32-34.84%4.1514.58%105.4

38、553.90%383.81海王生物2.53%3.0014.46%12.1115.82%118.794.50%431.22国药一致数据来源： ，Wind零售药店板块 2018 年收入总额增速为 25.25%，归母净利润总额增速为 20.37%；2019Q1 收入总额增速为 31.09%，归母净利润总额增速为 30.63%。图 23：零售药店板块营业收入及增速图 24：零售药店板块归母净利润及增速数据来源： ，Wind数据来源： ，Wind2018 2019Q1 39.19%37.78%，归母净利润率分别5.53%6.43%2018 20191 26.13%24.45%4.45%3.88%，0.3

39、8%0.38%，三项费用率基本维持稳定。图 25：零售药店板块毛利率和净利率图 26：零售药店板块三项费用率数据来源： ，Wind数据来源： ，Wind零售药店板块中，2018 年益丰药房增速相对较快，2019Q1 一心堂和益丰药房增速相对较快。表 5：零售药店板块上市公司 2018 年和 2019Q1 业绩情况2019Q1证券代码证券简增速归母净利润润增速增速归母净利润增速002727.SZ603233.SH002727.SZ603233.SH603883.SH22.13%1.5917.32%4.3523.37%27.2726.26%94.71老百姓25.20%1.8411.93%5.322

40、6.77%25.7919.38%88.59大参林33.51%1.7523.27%5.2118.77%25.8818.39%91.76一心堂603939.SH益丰药房69.1343.79%24.6966.67%4.1632.83%1.4745.77%数据来源： ，Wind医疗服务板块 2018 年收入总额增速为 26.83%，归母净利润总额增速为 19.31%； 2019Q1 收入总额增速为 18.08%，归母净利润总额增速为 21.01%。图 27：医疗服务板块营业收入及增速图 28：医疗服务板块归母净利润及增速数据来源： ，Wind数据来源： ，Wind2018 2019Q1 38.59%3

41、5.47%，归母净利润率分别7.31%8.19%2018 20191 9.15%8.70%1.33%12.69%，2.65%3.30%，三项费用率基本维持稳定。图 29：医疗服务板块毛利率和净利率图 30：医疗服务板块三项费用率数据来源： ，Wind数据来源： ，Wind医疗服务板块中，2018 年康龙化成和昭衍新药等企业业绩增速较快，2019Q1 泰格医药、昭衍新药和爱尔眼科等企业业绩增速较快。证券代码证券简称20182019Q1表 6：医疗服务板块上市公司 2018 年和证券代码证券简称20182019Q1营业收入增速归母净利润润增速增速归母净利润增速000150.SZ000150.SZ0

42、00503.SZ002044.SZ002173.SZ002219.SZ300015.SZ300143.SZ300347.SZ300404.SZ300759.SZ600721.SH600763.SH600767.SH600896.SH603108.SH603127.SH603259.SH603882.SH宜华健康 百花 运盛金域医学22.040.9584.5810.5980.095.0423.011.7229.084.1915.462.070.5359.644.0996.1445.254.15%-48.11%35.70%16.99%12.92%34.31%53.09%36.37%31.58%26

43、.76%-0.07%31.05%82.84%20.27%38.10%35.69%23.80%19.35%5.200.1712.792.389.3222.451.076.090.367.630.703.940.170.0515.310.7427.6911.64-8.82%1.771.77%38.90%(1.88)-1226.33%4.40%8.2133.70%2.42%0.30-78.91%-1.05%(14.18)-799.09%28.50%10.0935.88%-25.53%0.50-59.01%28.69%4.7256.87%14.73%0.07-130.22%31.12%3.3946.9

44、4%-37.06%(8.08)43.21%27.77%3.3253.34%9.38%0.20-52.99%-56.93%1.1418.23%2.6219.51%44.14%1.0841.71%29.31%22.6184.22%26.74%2.3323.77%0.53(0.50)(1.18)0.340.272.990.011.460.010.540.260.95(0.02)(0.29)0.680.123.860.42-47.30%-15.14%20.38%-21.26%-47.62%37.84%-97.56%51.73%-72.89%33.27%-16.23%53.73%-66.97%297.1

45、0%20.40%37.29%32.97%349.10%数据来源： ，Wind医疗器械板块 2018 年收入总额增速为 20.38%，归母净利润总额增速为 7.63%； 2019Q1 收入总额增速为 18.00%，归母净利润总额增速为 42.80%。图 31：医疗器械板块营业收入及增速图 32：医疗器械板块归母净利润及增速数据来源： ，Wind数据来源： ，Wind2018 2019Q1 47.90%49.68%，归母净利润率分别12.17%20191 16.41%16.20%7.34%7.24%，1.06%2.51%，管理费用率下降主要因剔除研发费用所致。图 33：医疗器械板块毛利率和净利率图

46、 34：医疗器械板块三项费用率数据来源： ，Wind数据来源： ，Wind 蓝帆医疗、凯利泰、健帆生物和欧普康视等企业业绩实现较快增长。表 7：医疗器械板块上市公司 2018 年和 2019Q1 业绩情况2019Q1证券代码证券简增速归母净利润润增速增速归母净利润归母净利润增速000710.SZ002022.SZ002223.SZ002382.SZ002432.SZ002551.SZ002901.SZ002932.SZ002950.SZ300003.SZ300030.SZ300049.SZ300171.SZ300206.SZ300216.SZ300238.SZ300244.SZ300246.S

47、Z300273.SZ300298.SZ300314.SZ300318.SZ东富龙宝莱特5.647.721.765.508.679.932.014.588.133.006.2222.93%24.85%18.12%68.35%-5.69%30.04%6.82%18.49%40.08%0.06%2.04%11.13%17.72%1.80%39.22%14.33%7.57%50.10%-1.19%40.19%3.335.068.361.513.532.180.475.141.744.392.700.581.071.902.983.700.681.3512.01%11.80%15.33%117.16%2

48、5.24%-29.52%40.30%24.51%26.51%30.81%-10.51%-0.43%-4.95%15.60%-17.85%35.47%51.80%2.71%22.54%18.03%-0.07%4.62%2.682.087.273.470.130.983.710.612.28(1.37)0.350.700.93(24.66)0.463.890.641.013.100.290.6915.18%-4.58%22.82%72.61%-107.65%-44.22%25.68%-6.21%-2.55%35.55%-1325.81%-50.72%-42.76%660.89%-20.41%11.

49、16%11.54%8.67%20.34%-38.74%78.74%1.680.502.470.96(0.35)0.300.830.160.555.830.050.070.160.37(1.44)0.100.730.160.560.490.10(0.06)155.35%2.16%15.41%64.47%40.16%-44.87%20.57%18.21%34.83%92.22%29.23%-34.09%-26.66%43.94%85.04%31.38%15.55%-14.34%1.88%-41.16%-34.72%-183.40%300326.SZ300358.SZ300396.SZ300406.

50、SZ300412.SZ300439.SZ300453.SZ300463.SZ300482.SZ300529.SZ300562.SZ300595.SZ300633.SZ300639.SZ300642.SZ300676.SZ300677.SZ300753.SZ300760.SZ600055.SH600529.SH600587.SH603301.SH603309.SH603367.SH603387.SH603658.SH603880.SH603976.SH603987.SH凯利泰楚天科技迪瑞医疗九强生物迦南科技美康生物三鑫医疗迈克生物万孚生物健帆生物乐心医疗欧普康视开立医疗凯普生物透景生命华大基因英

51、科医疗爱朋医疗迈瑞医疗万东医疗山东药玻新华医疗振德医疗维力医疗辰欣药业基蛋生物安图生物南卫股份正川股份康德莱9.3116.329.337.745.7931.355.3126.8516.5010.177.754.5812.275.803.6525.3618.932.98137.539.5525.8514.297.4638.086.8619.304.805.9614.5016.03%27.44%7.58%11.51%30.05%73.67%31.55%36.31%44.05%41.48%47.10%24.04%21.14%20.46%21.04%8.12%20.70%23.09%7.98%10.9

52、1%3.01%9.37%18.41%28.54%40.46%37.82%-1.82%17.12%15.41%2.892.341.720.736.921.357.224.532.951.571.212.301.370.685.834.940.701.623.341.939.932.075.481.011.673.5324.49%19.47%23.51%5.52%-2.04%50.16%13.19%39.21%27.62%42.90%9.18%56.74%-0.40%27.98%26.37%12.86%16.62%28.38%20.69%20.36%10.37%-6.84%19.30%48.68%

53、4.74%43.85%31.85%6.82%10.56%4.630.411.983.010.342.410.414.453.084.020.242.162.531.141.423.871.790.7037.191.533.580.231.300.655.042.505.630.390.831.47-74.25%18.13%10.08%-23.50%12.60%-2.93%18.92%46.06%41.34%34.64%43.34%32.94%22.39%11.73%-2.87%23.61%21.01%43.65%40.52%36.33%-65.24%6.92%1.30%37.12%28.67%

54、25.98%-17.54%0.72%23.65%0.730.060.480.600.030.720.051.180.731.300.020.510.120.170.160.980.340.1510.060.065.620.320.201.280.851.210.090.230.3148.87%-73.36%39.21%4.04%24.37%11.56%-24.62%18.02%31.49%44.01%-21.34%41.77%-42.38%38.86%21.73%-2.54%50.60%28.69%24.59%59.50%33.48%1863.66%61.14%219.48%6.46%27.74%26.10%-23.77%12.04%28.03%数据来源： ，Wind2018 23.58%，归母净利润总额增速为-11.58%； 2019Q1 1.40%，归母净利润总额增速为-25.31%。图 35：化学原料药板块营业收入及增速图 36：化学原料药板块归母净利润及增速数据来源： ，Wind数据来源： ，Wind2018 2019Q1 37.60%36.88%，归母净利润率分8.37%2019Q1 11.34%， 6.71%0.52%图 37：化学原料药板块毛利率和净利率图 38：化学原料药板块三项费用率数据来源： ，