医药-周观点·第42期：医药行业2023年半年报业绩综述

@2021华创版权所有证券@2021华创版权所有证券研究报告证券研究报告|医药生物|2023年09月02日华创医药周观点·第42期医药行业2023年半年报业绩综述郑辰李婵娟黄致君本报告由华创证券有限责任公司编制报告仅供华创证券有限责任公司的客户使用。本公司不会因接收人收到本报告而视其为客户。华创证券对这些信息的准确性和完整性不作任何保证。报告中的内容和意见仅供参考，并不构成本公司对所述证券买卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。请仔细阅读PPT后部分的分析师声明及免责声明。和投资组合和投资组合事件第一部分0102020303煤炭算机轻工制造车媒械信材纺织服装有色金属电力设备…基础化工铁消费者服务贸零售房地产石油石化食品饮料筑合通运输农林牧渔银行综合金融电力及公…煤炭算机轻工制造车媒械信材纺织服装有色金属电力设备…基础化工铁消费者服务贸零售房地产石油石化食品饮料筑合通运输农林牧渔银行综合金融电力及公…35.06%本周涨跌幅排名前10的股票、福瑞股份、华康医疗、伟思医疗、通化金马、春立医疗、万泽股份、科美诊断、赛诺医疗。集团、健友股份、马应龙、力生制药、美迪西、何氏眼科、益丰药房、锦好医疗、常山药业。本周中信一级行业指数涨跌本周中信一级行业指数涨跌幅.59%.32%6.53%.35%.25%.06%.66%.52%5.31%-14%-12%-10%-8%-6%-4%-2%0%乐普医疗太极集团健友股份马应龙力生制药美迪西何氏眼科益丰药房锦好医疗常山药业新诺威 艾力斯福瑞股份华康医疗伟思医疗通化金马春立医疗万泽股份科美诊断赛诺医疗27.27.35%25.70%22.31%0%10%20%30%40%证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号未经许可，禁止转载3事件第二部分010102投资组合020303本周关注：医药行业2023年半年报业绩综述速为-9.3%。划分收入(亿元)归母净利润(亿元)扣非净利润(亿元)HQ2HQ2HQ2工业6.892072.37科研服务与CRO1.32.2证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号未经许可，禁止转载5划分增速速利润增速HQ2HQ2HQ2工业9%.1%.4%.0%.5%5.1%6.7%5.5%0.8%7.0%5.1%1.3%1.9%3.0%2.4%.4%科研服务与CRO2.4%0.3%.6%0.4%0.7%2.1%.3%本周关注：医药行业2023年半年报业绩综述、CMO进行分析。归•我们认为，科创板创新药企增多且部分企业目前处于持续投入期，对统计数据的影响较大，制药工业板块的实际经营情况比财务指标的数据更为积极。块财务指标2022H12023H12022Q22023Q2收入(亿元)3367.43567.01713.91780.9增速12.0%5.9%9.1%3.9%归母净利润(亿元)461.3446.8241.7223.9增速4.4%-3.1%-2.3%-7.4%扣非净利润(亿元)407.6395.2207.5194.1增速7.1%-3.0%-3.4%-6.5%证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号未经许可，禁止转载6资料来源：Wind，华创证券(注：百济神州对板块业绩扰动较大，未纳入计算)本周关注：医药行业2023年半年报业绩综述A023显著缩窄。新药企财务指标2022H12023H12022Q22023Q2收入(亿元)75.3203.584.509.1增速16.0%归母净利润(亿元)-6.8扣非净利润(亿元)证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号7本周关注：医药行业2023年半年报业绩综述证券代码证券简称H1营收H1营收2Q2营收3Q2营收H1归母H1归母2Q2归母3Q2归母H1扣非H1扣非2Q2扣非3Q2扣非276.SH医药.509893773.SZ药业278.SH宝生物.84558.SZ业091.SH众505.SH张江578.SH斯.72321.SH生物189.SH药.00488.SH药业0197.SH首药控股-U6373.SH盟科药业-U9176.SH亚虹医药-U2506.SH百利天恒-U1302.SH海创药业-U0221.SH前沿生物-U7266.SH泽璟制药-U7177.SH泰1382.SH益方生物-U0192.SH迪哲医药-U5428.SH诺诚健华-U0062.SH迈威生物-U2331.SH生物.220180.SH君实生物-U.154443.SH智翔金泰-U7证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号8资料来源：公司公告，华创证券(单位：亿元)本周关注：医药行业2023年半年报业绩综述企板块财务指标2022H12023H12022Q22023Q2收入(亿元)1368.31489.5677.1731.2增速1.0%8.9%0.1%8.0%归母净利润(亿元)120.3132.257.861.9增速-0.5%9.9%1.7%7.2%扣非净利润(亿元)104.2117.551.453.8增速7.5%12.8%7.8%4.7%证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号未经许可，禁止转载9资料来源：Wind，华创证券本周关注：医药行业2023年半年报业绩综述球合作与研发。22H1收入增速23H1收入增速22H1归母增速23H1归母增速22H1扣非增速23H1扣非增速022Q2收入增速023Q2收入增速022Q2归母增速023Q2归母增速022Q2扣非增速023Q2扣非增速963.SZ079.SH%422.SZ380.SH%664.SH%%%0%%%%7%420.SH%%%%513.SZ062.SH%%%%%597.SZ%%%6%789.SH%%2%%262.SZ%%%%%%367.SH4%%%%153.SZ%5%1%019.SZ%%%%%%%%020.SZ%%294.SZ%7%%%3%435.SZ%%%%%%%089.SH%%%%437.SZ%%%%%%653.SZ%%21%%919.SZ%%%0%资咨询业务资格批文号：证监许可(2009)1210号未经许可，禁止转载10资料来源：Wind，华创证券本周关注：医药行业2023年半年报业绩综述证券代码证券简称2022H1收入增速2023H1收入增速2022H1归母增速2023H1归母增速2022H1扣非增速2023H1扣非增速2022Q2收入增速2023Q2收入增速2022Q2归母增速2023Q2归母增速2022Q2扣非增速2023Q2扣非增速003020.SZ立方制药14%3%17%34%18%20%14%-24%22%27%28%-6%300194.SZ福安药业-6%15%-18%83%-20%90%4%7%12%48%11%54%300723.SZ一品红-5%40%31%33%0%36%-11%41%50%25%-15%45%000788.SZ北大医药-9%8%-9%6%-7%-15%-12%13%81%-16%88%-51%600200.SH江苏吴中-24%40%-128%-241%-7%-108%-30%43%7%-97%%-87%600513.SH联环药业18%6%21%-6%20%-9%15%2%22%-14%24%-24%002755.SZ奥赛康-40%-30%-95%-1368%-99%-6480%-36%-21%-108%1209%-116%638%000566.SZ海南海药3%-10%-95%-150%-72%49%5%-9%-99%-468%-87%292%300110.SZ华仁药业3%15%%11%7%6%-6%27%%-16%6%-27%000766.SZ通化金马-12%5%-67%43%-77%107%-16%25%-91%119%-104%-648%600851.SH海欣股份-17%-2%7%-19%15%-14%-35%3%5%-23%17%-20%603676.SH卫信康34%12%93%30%96%29%21%13%84%15%89%14%300573.SZ兴齐眼药30%14%51%-27%57%-33%17%34%47%9%31%300434.SZ金石亚药-10%32%11%89%-13%137%4%30%-427%-21%-95%-4076%688513.SH苑东生物15%-3%15%-2%25%-5%10%-9%9%-13%26%-16%002393.SZ力生制药5%7%17%25%22%24%19%4%19%46%27%46%002900.SZ哈三联7%26%-97%155%-127%203%2%19%-6%-40%-126%7%300006.SZ莱美药业-34%12%-251%10%95%-66%-17%9%37%122%7%-61%002826.SZ易明医药14%-2%18%18%47%28%10%3%-30%66%10%196%000908.SZ景峰医药28%-5%-114%12%-80%44%14%-7%-126%-5%167%18%300254.SZ仟源医药-12%-10%454%6%61%-18%-9%-14%314%3%82%-12%301263.SZ泰恩康18%8%36%41%58%37%9%10%-41%141%-55%162%300016.SZ北陆药业-34%25%-66%-76%-85%-106%-47%49%-99%-502%-128%-44%300199.SZ翰宇药业-3%-9%269%-65%-51%257%%-21%-19%30%-41%73%603811.SH诚意药业-11%%-17%39%-18%35%-15%9%11%41%5%44%688566.SH吉贝尔3%63%-24%129%-35%206%-9%114%-53%331%-89%2303%000813.SZ德展健康-22%-27%-36%-112%-65%-128%-38%-23%-9%-127%-92%-530%603168.SH莎普爱思-12%22%32%106%-26%220%-20%37%-52%537%-56%421%300204.SZ舒泰神-9%-31%38%85%39%80%-21%-16%46%79%48%74%300584.SZ海辰药业-16%-2%-16%10%-17%11%-24%23%-33%42%-34%28%资咨询业务资格批文号：证监许可(2009)1210号未经许可，禁止转载11资料来源：Wind，华创证券本周关注：医药行业2023年半年报业绩综述5.6%)。受出口需求偏弱、下游去库存以及原料药价格下行压力的影响，今年上半年原料药板块业绩整体承压。药业。板块财务指标2022H12023H12022Q22023Q2收入(亿元)727.8738.0368.7360.1增速9.3%1.4%7.2%-2.3%归母净利润(亿元)104.185.956.244.8增速12.9%-17.5%15.0%-20.3%扣非净利润(亿元)93.178.849.941.5增速15.4%-15.4%18.1%-16.8%资咨询业务资格批文号：证监许可(2009)1210号未经许可，禁止转载12资料来源：Wind，华创证券本周关注：医药行业2023年半年报业绩综述Q凯莱英、博腾股份等企业报告期CMOCMO板块财务指标2022H12023H12022Q22023Q2收入(亿元)308.5305.569.554.5增速89.9%-8.9%归母净利润(亿元)83.483.355.048.2增速120.0%193.6%扣非净利润(亿元)74.676.245.844.4增速139.9%138.6%-3.2%资咨询业务资格批文号：证监许可(2009)1210号未经许可，禁止转载13资料来源：Wind，华创证券本周关注：医药行业2023年半年报业绩综述┃二、制药工业行业22H1收入增速23H1收入增速22H1归母增速23H1归母增速22H1扣非增速23H1扣非增速022Q2收入增速023Q2收入增速022Q2归母增速023Q2归母增速022Q2扣非增速023Q2扣非增速259.SH%821.SZ%%3%%%43%%363.SZ2%%65%%%%7%%%%%%456.SH4%%621.SH5%2%8%3%1%0%201.SZ%%%%%%%%509.SZ7%%001.SZ%%%%521.SH%4%739.SZ%2%%%%507.SH%%%%%%332.SZ%%%399.SZ%%%%%2%%%765.SZ7%%235.SH216.SH%%%%%%267.SH102.SZ%%%%%630.SZ%%%%%%301.SZ%%%756.SZ%6%%401.SZ%%%%%089.SZ业73%%%%%233.SZ3%%%%5%%166.SH%%%229.SH%9%4%%%%116.SH%1%4%%5%%258.SZ3%%365.SZ%%%%%%%277.SZ%%%%%452.SZ%%%%%6%%6%%211.SZ%%%718.SH%8%%%3%367.SZ%%%%%%%177.SH%%2%%%636.SZ%%%%351.SH%281.SZ%%%%688.SZ%952.SZ%04%%09%%%267.SZ%%%%2%%583.SZ%%%%%%966.SZ%%%%%%109.SZ%8%6%40%%%953.SZ%%91%18%%%29%资咨询业务资格批文号：证监许可(2009)1210号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