改革背景下“求变寻新”，关注医药流通、康复、医疗信息化行业机会.pdf

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2021-02-22

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䈧࣑ᗵ䰵䈫↓᮷ѻਾⲴݽ䍓ᶑⅮ䜘࠶

ॱ㦥㺂ѐ 2015 ᒪᣋ䍺ㆌ⮛

᭯䶟㜂Ქсć≸਎ሱ᯦Ĉθީ⌞ॱ㦥⍷

䙐ȽᓭགྷȽॱ⯍ؗᚥौ㺂ѐᵰՐ

2014 ᒪ 12 ᴾ 9 ᰛ

ᕰӄཝᐸδ

㔪ᤷε

ᣋ䍺㾷⛯



५㦟㓿⍾ᯠᑨᘱ˖໎䙏ᦒᥑˈ䮯ᵏⴻྭڕᓧᴽ࣑ъѪԓ㺘Ⲵᯠޤᡀ䮯亶ฏǄ

ਇ䍒᭯ᣅޕ໎䙏᭮㕃ǃ५؍᧗䍩ᖡ૽ˈ५㦟㹼ъӾ儈໎䙏ੁѝ儈䙏ᦒᥑᐢ

ᡀᑨᘱˈᦞইᯩᡰ亴⍻ˈ2014-2015 ᒤ५㦟㓸ㄟᐲ൪㿴⁑໎䙏࠶࡛Ѫ

13.4%ǃ12.9%ǄᡁԜࡔᯝ˖൘५㦟࠶ᇦབྷ䎻࣯лˈ㦟૱བྷ㤳ത䱽ԧᡀѪ

ᗵ❦ˈᒦሩ᰾ᒤࡦ㦟㊫ᶯඇᤱ䉘᝾ᘱᓖǄ䮯ᵏⴻྭڕᓧᴽ࣑ъѪԓ㺘Ⲵᯠ

ޤᡀ䮯亶ฏˈѝᙗٷ䇮л亴䇑 2014-2020 ᒤ५⯇ᴽ࣑㹼ъⲴ༽ਸ໎䮯⦷

Ѫ 23%ˈᱮ㪇儈Ҿ਼ᵏࡦ㦟㹼ъ໎䙏Ǆ



ᣅ䍴ᵪՊ˖᭩䶙ᐲ㛼ᲟлĀ≲ਈራᯠāǄ

2013-2014 ᒤ५㦟ᶯඇᱟᡀ䮯㛑

Ⲵ⢋ᐲˈ2013 ᒤⴻ޵⭏ᙗᡀ䮯ǃ2014 ᒤⴻཆᔦᔿᒦ䍝ᡀ䮯ˈᡁԜ䇔Ѫ

2015 ᒤᖸਟ㜭ᱟ᭩䶙ᐲǄᡁԜࡔᯝ᰾ᒤ५㦟㹼ъሶ੸⧠ࠪᴹਈॆⲴޜਨ

˄᭯ㆆ࡙ྭǃ䖜රǃ᭩䶙ㅹ˅઼ᯠޤᡀ䮯㊫ޜਨ䖞ࣘⲴ㹼ᛵǄ㦟ԧᐲ൪ॆ

᭩䶙ǃ᧘䘋୶ъ؍䲙ࡦᓖਟ㜭Ѫ PBM 㹼ъᑖᶕᐘབྷਁኅᵪ䙷ˈ५⯇ؑ᚟

ॆ৺५㦟⍱䙊㹼ъ޵Ⲵޜਨ൘䈕亶ฏާ༷ݸਁՈ࣯ˈᱟᡁԜ൘᭩䶙㛼Ჟл

ᴰⴻྭⲴ㓶࠶亶ฏǄ



≲ਈ˖ഭԱ᭩䶙ᑖᶕഭԱᐲ٬㇑⨶亴ᵏˈⴻྭ५㦟⍱䙊ᶯඇǄ

ഭԱ᭩䶙ᴹ

ᵋࠪ⧠⭡⛩৺䶒ⲴᵪՊˈᡀѪ 2015 ᒤⲴ䟽㾱ᣅ䍴ѫ㓯ǄᡁԜᔪ䇞Ӿ᭩䶙

᜿ᝯǃ࠶㓒㜭࣋ǃъ㔙᭩ழᛵߥйњ㔤ᓖራ᢮▌൘ഭԱ᭩䶙ḷⲴǄ५㦟⍱

䙊ᶯඇਇ⳺ഭԱ᭩䶙˄ᶯඇ޵ഭԱঐ∄儈˅+୶ъ⁑ᔿࡋᯠ˄⭥୶ǃPBMǃ

GPOǃ㦟ᡯᢈ㇑ㅹ˅ᴹᵋᑖᶕՠ٬ǃъ㔙ৼॷǄ



ራᯠ˖䟽⛩ޣ⌘ᓧ༽ǃ५⯇ؑ᚟ॆㅹ᭯ㆆ᧘䘋лᑖᶕⲴᯠᵪՊǄ

ഭ޵ᓧ༽

㹼ъቊ኎㬍⎧ᐲ൪ˈᡁԜⴻྭᓧ༽ಘỠǃᓧ༽५䲒ޘӗъ䬮Ǆਇ⳺Ҿ㦟ԧ

᭮ᔰǃ୶ъ५؍ㅹ᭯ㆆ᧘䘋ˈഭ޵५⯇ؑ᚟ॆޜਨ࣐䙏䐁傜സൠˈⴻྭ൘

ӗъ䬮ᴹᨀࡽᐳተⲴޜਨǄ↔ཆᔪ䇞ޣ⌘ࡋᯠ㦟৺ࡋᯠӗъ䬮ˈⴻྭㄎҹ

Ṭተᴹ࡙ǃ䱽ԧ঻࣋ሿⲴ㓶࠶㹼ъ嗉ཤǄ



仾䲙ഐ㍐˖

1ˊ㦟૱ᤋḷ䘋ኅਟ㜭н䗮亴ᵏ˗2ˊᤋḷǃӂ㚄㖁༴ᯩ㦟᭯ㆆ

᭮ᔰሬ㠤ࡦ㦟㹼ъᴹ䖳བྷ䱽ԧ঻࣋˗3ˊ५؍᧗䍩ሬ㠤५㦟㹼ъՠ٬ѝ᷒

䘋а↕л〫˗4ˊᓧ༽ǃ५⯇ؑ᚟ॆㅹ㹼ъ᭯ㆆࠪਠ䘋ᓖਟ㜭н䗮亴ᵏǄ



㔤ᤱ

2015

ᒤ५㦟㹼ъĀᕪབྷҾᐲāᣅ䍴䇴㓗Ǆ

ཊ亩᭯ㆆᇶ䳶ࠪਠᑖᶕ५

㦟㹼ъ␡࡫ਈ䶙ˈᔪ䇞׍ᦞĀ≲ਈǃራᯠāᙍ䐟䘋㹼⴨ޣњ㛑䝽㖞ǄĀ≲

ਈā䙫䗁л䟽⛩ޣ⌘ഭԱ᭩䶙㛼ᲟлᑖᶕⲴњ㛑ՠ٬ᨀॷˈ५᭩␡ॆ㛼Ჟ

л५㦟⍱䙊ᶯඇⲴъ࣑⁑ᔿࡋᯠ˗ “ራᯠā䙫䗁л䟽⛩ޣ⌘ࡋᯠ㦟৺ࡋᯠ

ӗъ䬮ˈԕ৺ᓧ༽ǃ५⯇ؑ᚟ॆㅹ᭯ㆆ᧘䘋лᑖᶕⲴᯠᵪՊǄ᧘㦀Ā伎呏

㓴ਸ˄嗉ཤǃっڕ˅˖઼֣㛑ԭǃѝᯠ㦟ъǃహһาǃҍᐎ䙊ǃаᗳาǃ

ᚂ⪎५㦟ǃ⌠Ṭ५㦟ˈᔪ䇞ޣ⌘Ā伎⥚ā㓴ਸ˄䖜රǃᕩᙗ˅˖ཙ㦟㛑ԭǃ

䘚ᆹ䇺ᯝǃ㤡⢩䳶ഒǃ㦓、、ᢰǃ⎧㲩᧗㛑Ǆ

䠃⛯ޢਮ⳾࡟人⎁Ƚզٲ਀ᣋ䍺䇺㓝

ㆶ〦

㛗ԭ

δݹε

EPS

δݹε

δكε

䇺㓝

2013 2014E 2015E 2016E 2013 2014E 2015E 2016E

઼֣㛑ԭ 21.8 0.32 0.47 0.71 1.04 68 47 31 21 Ҡޕ

ѝᯠ㦟ъ 15.6 0.35 0.59 0.72 0.86 45 26 21 18 Ҡޕ

హһา 24.2 0.54 1.19 0.78 1.07 44 20 30 22 ໎ᤱ

аᗳา 46.7 1.23 1.20 1.53 1.87 39 40 32 26 ໎ᤱ

ᚂ⪎५㦟 35.7 0.74 1.00 1.20 1.48 48 36 30 24 ໎ᤱ

⌠Ṭ५㦟 34.7 0.39 0.60 0.83 1.11 88 58 42 31 ໎ᤱ

䘚ᆹ䇺ᯝ 43.9 0.43 0.59 0.86 1.22 105 74 51 36 ໎ᤱ

ҍᐎ䙊 17.4 0.18 0.34 0.42 0.53 97 51 42 33 Ҡޕ

⎧㲩᧗㛑 28.3 0.00 0.02 0.04 0.08 10481 1487 774 337

ཙ㦟㛑ԭ 6.0 0.06 0.09 0.10 0.13 98 68 59 48

㤡⢩䳶ഒ 21.4 0.25 0.36 0.40 0.46 85 60 54 46

㦓、、ᢰ 26.7 0.16 0.39 0.59 0.86 170 68 45 31

䍴ᯉᶕⓀ˖⎧㲩᧗㛑ǃཙ㦟㛑ԭǃ㤡⢩䳶ഒǃ㦓、、ᢰѪ wind а㠤亴ᵏˈަԆѪѝؑ䇱ࡨ⹄ウ䜘亴⍻

⌘˖㛑ԧѪ 2014 ᒤ 11 ᴸ 28 ᰕ᭦ⴈԧ

ѣؗ䇷࡮⹊ガ䜞

⧁ᇻ

⭥䈍˖010-60838072

䛞Ԧ˖wangyin@citics.com

ᢗъ䇱Җ㕆ਧ˖S1010514050001

⴮ሯ᤽ᮦ㺞⧦

䍴ᯉᶕⓀ˖ѝؑᮠ䟿ॆᣅ䍴࠶᷀㌫㔏

⴮ީ⹊ガ

1ˊ५㦟㹼ъ 2014 ᒤлॺᒤᣅ䍴ㆆ⮕ü

㹼ъ໎䙏ࡽվਾ儈ˈՈ䍘њ㛑㔍ሩ᭦

⳺⺞ᇊ…………………..2014-06-01

2ˊ५㦟㹼ъ 2014 ᒤ 5 ᴸ䐏䑚᳘ 2013 ᒤ

ᒤᣕǃ2014 ᒤаᆓᣕഎ亮ü࠶ॆѝн

ѿ儈໎䮯ˈ5 ᴸ㋮䘹 9 ਚњ㛑㓴ਸ

……………….…………..2014-05-05

3ˊ५㦟㹼ъ⇿ઘ㿲ਈ䈻ࣘ˄2014.4.21-

2014.4.27˅ü⭈㚳ส㦟ᤋḷ޽㔝Ā䍘

䟿Ոݸāሬੁˈ㔗㔝ඊᇊ᧘㦀५㦟㛑

к⏘ㅜҼ⌒…….………..2014-04-21

4ˊ५㦟㹼ъ⇿ઘ㿲ਈ䈻ࣘ˄2014.4.14-

2014.4.20˅üй䙫䗁᧘㦀५㦟㛑ㅜҼ

⌒…………………………2014-04-14

5ˊ५㦟㹼ъ⇿ઘ㿲ਈ䈻ࣘ˄2014.3.31-

2014.4.4˅ü俆᧘ҍᐎ䙊ˈՈ䍘㦟㊫

њ㛑ഭ㦟а㠤ǃཙ༛࣋ǃ㓒ᰕǃⲭ㦟

ㅹ䝽㖞ᰦᵪᐢࡠ…..…….2014-03-31

6ˊ५㦟㹼ъ⇿ઘ㿲ਈ䈻ࣘ˄2014.3.24-

2014.3.28˅ü䟽⭣Ӻᒤഋབྷᣅ䍴䙫

䗁ˈњ㛑ᔪ䇞䟽⛩ޣ⌘ॾь५㦟ǃӪ

⾿५㦟䘁ᵏਈॆ…………2014-03-24

-13%

-3%

17%

27%

37%

131125

⋚␡300

५㦟

140825140525140225

ॱ㦥㺂ѐ 2015 ᒪᣋ䍺ㆌ⮛

䈧࣑ᗵ䰵䈫↓᮷ѻਾⲴݽ䍓ᶑⅮ䜘࠶

ⴤᖋ

ᣋ䍺㚐❜

.............................................................................................................................. 1

ॱ㦥㔅⎄᯦ᑮᘷφᦘᥗ࠼ौθ䮵ᵕⵁླ᯦ުᡆ䮵亼ต

......................................................... 2

५㦟ᯠᑨᘱ˖儈໎䙏ੁѝ儈䙏ᦒᥑ ...................................................................................... 2

໎䙏ᦒᥑ৏ഐ˖䍒᭯ᣅޕ໎䙏᭮㕃ǃ५؍᧗䍩 .................................................................... 2

㓸ㄟ࠶ॆ˖ส㦟ᤋḷ੟ࣘ+࠶㓗䇺⯇ࡦᓖ᧘䘋傡ࣘสቲᐲ൪໎䙏ᨀॷ ................................. 4

ࡊᙗ䴰≲нਈ˖ធᙗ⯵ǃ㘱喴ॆˈ५؍᭟Ԉ≤ᒣᨀ儈 ......................................................... 6

ਁኅ䎻࣯˖㹼ъ໎䮯䖜Ѫࡋᯠ傡ࣘˈ䮯ᵏⴻྭڕᓧᴽ࣑㹼ъ .............................................. 7

≸਎φളԷ᭯䶟ć伄Ĉ䎭Ƚ㦥ԭᐸ൰ौ᭯䶟੥ࣞ

.............................................................. 10

ഭԱ᭩䶙ᑖᶕഭԱᐲ٬㇑⨶亴ᵏˈⴻྭ५㦟⍱䙊ᶯඇ ....................................................... 10

㦟ԧᐲ൪ॆ᭩䶙␡ॆˈⴻྭࡦ㦟亶ฏ嗉ཤ ......................................................................... 15

ሱ᯦φᓭགྷᐸ൰ཝᒋࡓ੥θॱ⯍ؗᚥौࣖ䙕䐇傢ാ൦

....................................................... 20

ᓧ༽ᐲ൪བྷᒅࡍ੟ˈⴻྭಘỠǃᴽ࣑ޘӗъ䬮ᵪՊ ........................................................... 20

५⯇ؑ᚟ॆ࣐䙏䐁傜സൠˈⴻྭᨀࡽᐳተⲴ嗉ཤޜਨ ....................................................... 23

伄䲟ഖ㍖

............................................................................................................................ 24

㺂ѐᣋ䍺ㆌ⮛φ≸਎Ƚሱ᯦

............................................................................................... 25

㹼ъՠ٬о䇴㓗 ................................................................................................................. 25

㹼ъᣅ䍴ㆆ⮕ ..................................................................................................................... 27

䟽⛩ޜਨ᧘㦀 ..................................................................................................................... 28

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