医药生物2023年三季报总结：情绪回暖静候反弹

E-mail:SAC编号:分析师:E-mail:SAC编号:联系人:E-mail:SAC编号:联系人:E-mail:SAC编号:联系人:E-mail:SAC编号engzhouyu@S0870523040002021-53686155zhanglinwan@S0870523010001021-53686246wangzhenzhen@shzq.comS0870122020012litiancheng@S0870123060009021-53686160youjingyi@S0870122080015《国产创新药屡创“出海”佳绩，看好板块疫情后我国诊疗行为回归正轨的大环境下，未来随着国竞争力进一步提升；我们认为中国创新药企正从Bi具有一定的消费属性，滋补效用在大众认知中较为突出，中药产品的制剂、特色改良制剂；建议关注多渠道协同、商业化优势显著的综合仍保持增长，离焦镜增速较快。未来随着收并购持续推进，全国眼科医疗服务网络布局日渐完善，提升整体竞争响减弱，业绩有望迎来反转的低值耗材相关标的；2）进口替代率低，建议关注诚益通、昌红科技、百奥泰、济民医疗、信邦制药、和黄医请务必阅读尾页重要声明2 3 5表 4请务必阅读尾页重要声明3综指7.96pct。港股恒生医疗保健指数下跌1在全球老龄化加剧、疫情后我国诊疗行为回归正轨的大环境下，期，出海竞争力进一步提升；我们认为中国创新药中药：板块业绩增长显著，一定程度由于去年同期低基数影响，中药具有一定的消费属性，滋补效用在大众认知中较为化学制剂：行业深化变革，看好集采推动放量的潜力品种，以及复杂制剂、特色改良制剂；建议关注多渠道协同、商业疫苗：HPV疫苗、肺炎疫苗、流感疫苗、带状疱疹疫苗的销时间，企业经营承压；转型CDMO或“原料药+制剂”一体化月出现明显好转趋势；未来随着药店纳入统筹请务必阅读尾页重要声明4镜增速放缓，但仍保持增长，离焦镜增速较快。未来随着收整体竞争力。端放缓影响减弱，业绩有望迎来反转的低值耗材相建议关注诚益通、昌红科技、百奥泰、济民医疗、信邦制药、和黄医药、康诺亚、迈威生物、维力医疗、普门科技、开立医疗分类公司代码公司简称总市值(亿元)Q1-3营业收入(亿元)yoyQ1-3归母净利润(亿元)yoyQ3营业收入(亿元)yoyQ3归母净利润(亿元)yoyPETTM中药000999.SZ华润三九426186.0853.6%24.0323.1%54.6247.23%5.251.20%002390.SZ信邦制药9548.232.9%2.472.3%15.671.56%0.91-17.33%41603896.SH寿仙谷745.436.9%1.397.1%1.718.24%0.492.09%26600535.SH天士力22265.717.1%10.32400.0%21.793.81%3.25349.03%20000989.SZ九芝堂9123.70-3.8%2.89-26.2%5.51-3.99%0.4491.92%35603567.SH珍宝岛12234.323.5%4.76210.1%8.450.90%1.32254.00%24600332.SH白云山461581.856.2%37.919.1%182.143.58%9.8010.81%化学制药000963.SZ华东医药754303.959.1%21.8910.5%100.093.61%7.5517.84%28000739.SZ普洛药业20385.0012.6%8.5129.5%25.46-0.76%2.5013.61%688658.SH悦康药业7929.58-15.5%1.52-54.6%7.58-51.83%-0.55-128.07%52688578.SH艾力斯17413.48160.3%4.10661.0%5.99175.67%2.02643.57%36002653.SZ海思科28623.8413.7%2.0194.8%10.1419.40%1.26278.18%76688321.SH微芯生物963.493.8%1.08356.1%1.07-10.66%-0.48-107.68%57002020.SZ京新药业11429.264.5%4.730.2%9.896.65%1.57-10.31%000513.SZ丽珠集团28596.551.8%16.026.3%29.65-6.93%4.67-4.55%600380.SH健康元221126.51-2.8%10.84-3.8%39.32-11.59%2.68-17.55%002019.SZ亿帆医药16929.307.4%1.47-27.8%9.862.78%0.38-10.56%126003020.SZ立方制药4515.25-19.5%1.710.5%2.57-61.39%0.40-44.40%21002422.SZ科伦药业405157.4312.9%19.6339.7%50.094.02%5.614.43%002099.SZ海翔药业11716.77-19.0%-0.39-118.6%4.80-20.40%-0.58-262.91%-74603456.SH九洲药业26745.774.7%9.6730.1%13.22-6.79%3.4525.39%23301301.SZ川宁生物20535.8121.8%6.4092.6%11.6421.81%2.49162.02%28生物制品300601.SZ康泰生物33924.64-3.9%6.97243.1%7.34-0.45%1.87125.81%94300294.SZ博雅生物15521.905.2%4.6410.9%6.50-5.04%1.38-0.93%32688331.SH荣昌生物3087.6935.1%-10.31-49.7%3.4758.28%-3.27-64.36%-26688278.SH特宝生物17914.6027.7%3.6984.1%5.5629.86%1.67149.78%39300009.SZ安科生物17620.2118.4%6.5410.1%7.3417.28%2.583.29%23请务必阅读尾页重要声明5688319.SH欧林生物813.52-5.0%0.30-24.6%1.19-13.74%0.02-80.98%487300841.SZ康华生物959.90-6.1%3.69-23.7%3.56-9.92%1.21-27.98%20300142.SZ沃森生物37431.58-14.8%5.534.1%9.90-27.08%0.98-11.10%50688293.SH奥浦迈641.72-23.0%0.43-48.0%0.50-33.97%0.05-82.19%98医药商业603939.SH益丰药房331158.8819.0%9.9921.3%51.8112.70%2.9418.96%23002727.SZ一心堂127128.136.5%6.861.3%41.371.89%1.81-30.02%603233.SH大参林271177.2319.6%11.7427.2%57.3112.44%2.5722.90%21603883.SH老百姓149160.4216.4%7.1717.5%52.319.31%2.0332.78%医疗器械300760.SZ迈瑞医疗3,468273.0417.2%98.3421.4%88.2811.18%33.9220.52%31300298.SZ三诺生物17030.356.5%3.18-17.5%10.282.69%1.43-8.54%44301087.SZ可孚医疗8121.2413.1%2.4244.5%6.053.92%0.4315.57%22300595.SZ欧普康视22613.209.0%5.386.5%5.392.41%2.27-7.93%34688301.SH奕瑞科技22713.9726.5%4.33-14.8%4.4014.71%1.08-53.23%40603987.SH康德莱4618.75-21.8%1.87-27.1%5.95-21.63%0.53-34.56%603309.SH维力医疗449.77-2.7%1.444.7%3.25-13.14%0.52-6.07%25688389.SH普门科技938.0920.1%2.0533.9%2.5110.64%0.7031.42%31300832.SZ新产业53629.0826.6%11.8728.4%10.4318.55%4.3723.02%34医疗服务002821.SZ凯莱英54263.83-18.3%22.10-18.8%17.62-36.41%5.24-46.60%20603127.SH昭衍新药18515.8724.3%3.28-48.2%5.7515.11%2.37-9.18%26300363.SZ博腾股份16130.37-41.8%4.52-71.4%6.98-46.44%0.41-88.65%300244.SZ迪安诊断144102.92-34.1%5.31-78.1%34.50-29.25%0.78-85.84%-31688131.SH皓元医药9613.7641.8%1.18-25.1%4.9541.95%0.23-43.79%63688621.SH阳光诺和766.9239.7%1.7132.7%2.3135.12%0.5327.84%38002044.SZ美年健康24272.1724.8%2.26158.1%28.12-1.11%2.15-22.71%298688238.SH和元生物621.37-36.4%-0.71-309.6%0.53-33.80%-0.26-289.38%-94688222.SH成都先导662.4612.6%0.1875.4%0.9013.38%0.12-28.71%198其他300887.SZ谱尼测试7317.58-34.4%1.05-41.7%5.71-42.78%0.12-86.63%30300203.SZ聚光科技8220.52-5.6%-1.76-61.1%8.513.35%-0.39-68.01%430476.BJ海能技术2.0621.3%0.17-24.4%0.7313.94%0.05-51.20%25688065.SH凯赛生物31015.65-14.8%3.14-35.4%5.35-2.51%0.72-51.89%81688639.SH华恒生物16013.6438.7%3.2047.4%5.1444.92%1.2946.19%38资料来源：wind，上海证券研究所（市值、PE数据截至231031）请务必阅读尾页重要声明6作者具有中国证券业协会授予的证券投资咨询资格或相当的专业胜任能力，以勤勉尽责的职业态度，独立出具本报告，并保证报告采用的信息均来自合规渠道，力求清晰、准确地反映公司业务资格说明投资评级体系与评级定义股票投资评级：由于我们无法获取必要的资料，或者公司面临无法预见结果的重大不确定性事分析师给出下列评级中的其中一项代表其根据行业历史基本面及（或）估值对所研究行业以报不同证券研究机构采用不同的评级术语及评级标准，投资者应区分不同机构在相同评级名称下的定义差异。本评级体系采用的是相对评级体系。投资者买卖证券的决定取决于个人的实际情况。投资者应阅读整篇报告，以获取比较本报告版权归本公司所有，本公司对本报告保留一切权利。未经书面授权，任何何形式的发布、复制、引用或转载。如经过本公司同意引用、刊发的，须注明出处为上海证券有限在法律许可的情况下，本公司或其关联机构可能会持有报