医药行业连锁药店子行业专题报告-资本盛宴开启.pdf

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䈧࣑ᗵ䰵䈫↓᮷ѻਾⲴݽ䍓ᶑⅮ䜘࠶

ॱ㦥㺂ѐ䘔䬷㦥ᓍᆆ㺂ѐщ从ᣛ઀

䍺ᵢⴑᇪᔶ੥θᵰ䙽ૂࡑ᯦ࣖ⸷ᵠᶛ

2015 ᒪ 10 ᴾ 9 ᰛ

ᕰӄཝᐸδ俌⅗ε

ᣋ䍺㾷⛯



㹼ъ⧠⣦˖䘎䬱ॆ઼䳶ѝॆ〻ᓖሶᘛ䙏ᨀ儈Ǆ

ᡁഭ㦟૱䴦୞ᐲ൪൘⽮Պ⎸

䍩≤ᒣᨀ儈ǃ⎸䍩㔃ᶴॷ㓗ㅹཊ⿽ഐ㍐Ⲵ傡ࣘл੸⧠ᤱ㔝໎䮯Ⲵᘱ࣯ˈն

൘สቲ५⯇ᵪᶴ࠶⍱ǃ५㦟⭥୶ߢࠫㅹഐ㍐ᖡ૽л໎䙏䙀⑀᭮㕃Ǆⴞࡽഭ

޵䴦୞䰘ᓇᮠ䟿ᐢ䎻Ҿ価઼ˈն䘎䬱⦷䖳վˈᵚᶕഭ޵䴦୞㹼ъᐲ൪Ⲵਁ

ኅⲴᯩੁᯉሶ䙀⑀Ӿ䰘ᓇᮠ䟿ᨀॷੁ䘎䬱ॆ䳶ѝᓖᨀॷ䖜ਈǄ䲿⵰ഭ޵а

Ӌབྷර䘎䬱㦟ᓇޜਨⲴ䱶㔝кᐲˈᮤњ㹼ъⲴ䘎䬱ॆ⦷઼䳶ѝᓖᴹᵋᘛ䙏

ᨀॷǄ



᭯ㆆ᧘䘋৺५㦟ӂ㚄㖁⑇䘿ᑖࣘ㦟૱䴦୞䘎䬱㹼ъਁኅ࣐䙏Ǆ

ᡁԜ䇔Ѫഭ

޵䘎䬱㦟ᓇ㹼ъሶ䗾ᶕ儈䙏ਁኅᵏ˖аᱟཊ亩᭯ㆆ᧘䘋५㦟࠶ᇦ৺สቲ५

⯇ᐲ൪ᢙᇩˈ५㦟䴦୞㹼ъᴹᵋ᢯᧕зӯ㓗Ⲵ࠶⍱ᐲ൪ˈสቲ५⯇ᐲ൪Ⲵ

ᢙᇩ䘋ᓖ࣐ᘛˈѪഭ޵㦟૱䴦୞䘎䬱ԱъⲴ⑐䚃л⊹ᨀ׋Ҷਁኅᵪ䙷˗Ҽ

ᱟ䲿⵰ӂ㚄㖁൘५㦟亶ฏⲴ䙀⑀⑇䘿ˈԕՐ㔏५㦟⭥୶Ѫส⹰ਁኅ㘼ᶕⲴ

O2O ⁑ᔿˈធ⯵㇑⨶ǃ൘㓯䇺⯇ǃњӪڕᓧẓṸ㇑⨶ㅹᯠޤъ࣑䙀⑀൘

㦟ᓇ㓸ㄟѝᗇԕ᧕ޕ઼ᇎ⧠ˈ㔃ਸᔰኅ㦟૱⾿࡙㇑⨶Ⲵᕪ⛸亴ᵏˈᮤњӗ

ъᶯඇᴹᵋᇎ⧠ԧ٬䟽ՠǄᡁԜ亴䇑 2017 ᒤᮤњ䘎䬱㦟ᓇᐲ൪㿴⁑ᴹᵋ

䗮ࡠ 1326 ӯˈ2015-2017 ᒤ༽ਸ໎䮯⦷ᯉሶ䗮ࡠ 19.2%Ǆ



кᐲޜਨᾲ㿸˖ᣅ䍴ᶯඇ䙀⑀ᖒᡀˈ㿴⁑઼⳸࡙㜭࣋䙀⑀ᨀॷǄ

ⴞࡽഭ޵

ѫ㩕㦟૱䴦୞Ⲵкᐲޜਨᐢ䗮 5 ᇦˈᐢᖒᡀᆼᮤⲴᣅ䍴ᶯඇǄ䍴ᵜࣙ࣋ѻ

лˈкᐲ䘎䬱㦟ᡯޜਨⲴ㿴⁑৺⳸࡙㜭࣋൷ᘛ䙏ᨀॷˈ2015H1 ᒣ൷᭦ޕ

໎䙏䗮ࡠ 19.4%ˈᒣ൷࡙߰⏖໎䙏䗮ࡠ 18.5%ˈᒣ൷䰘ᓇᮠ䟿໎䮯 14.4%ˈ

ᒣ൷∋࡙⦷≤ᒣᨀ儈 1%ˈ䘎䬱㦟ᓇ䲿⵰㿴⁑ᢙབྷ൘к⑨䟷䍝䇞ԧ㜭࣋ǃ

儈∋࡙ԓ⨶૱⿽⁑ᔿ䘀㩕ǃуъ㦟һᴽ࣑ㅹᯩ䶒Ո࣯䙀⑀ᨀॷˈ⳸࡙㜭࣋

䙀⑀ᨀ儈ˈ׳֯ഭ޵㦟૱䴦୞㹼ъ䘋ޕ䐁傜സൠ㿴⁑ᢙᕐⲴᯠᰦԓǄ



䘋ޕ㦟ᡯ

O2O

ᯠᰦԓˈӂ㚄㖁५⯇ᯠ⁑ᔿᵚᶕਟᵏǄ

O2O ⁑ᔿⲴ४ฏॆ

㓿㩕⢩ᖱԕ৺Ӕ᱃⢩⛩ᱟ䀓ߣⴞࡽ㖁୞༴ᯩ㦟䲀ࡦԕ৺㓯кᰐ⌅ሩ᧕५

؍᭟ԈⲴᴰ֣ケ⹤ਓˈҏᱟᤕᴹ㓯лᇎփ㦟ᓇԱъਁኅ५㦟⭥୶ⲴṨᗳՈ

࣯Ǆ䮯䘌ᶕⴻˈ㦟ᡯ֌ѪањнਟਆԓⲴ५㦟ӂ㚄㖁 O2O Ⲵᴰ֣⭘ᡧㄟ

ਓˈ൘ӂ㚄㖁५⯇ᯠ⁑ᔿԕ৺བྷᮠᦞԧ٬ਁᧈⲴ᧘ࣘлˈᴹᵋ䙀⑀⭡Ր㔏

Ⲵӗ૱⑐䚃㓿䬰ᯩ䖜ਈᡀѪᴰᴹԧ٬Ⲵ䍴Ⓚཆੁ䟺᭮Ⲵᴽ࣑㓸ㄟˈᮤਸᡆ

ሩ᧕о५⯇བྷڕᓧ⴨ޣⲴ਴⿽㓯к઼㓯л䍴Ⓚˈᒦ䖜රᡀѪޘᯩսⲴ㦟ᆖ

઼བྷڕᓧ㔬ਸᴽ࣑ᨀ׋୶Ǆ

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仾䲙ഐ㍐˖

㹼ъㄎҹ仾䲙ǃ᭯ㆆ᧘䘋н䗮亴ᵏ仾䲙Ǆ

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㹼ъ䇴㓗৺ᣅ䍴ㆆ⮕˖

Ӿ㹼ъ৺Աъᡀ䮯ᙗᶕⴻˈ俆⅑㔉Ҹ䈕ᆀ㹼ъĀᕪ

བྷҾᐲā䇴㓗ǄᡁԜ䇔Ѫѝഭ䘎䬱㦟ᓇ㹼ъሶ൘ᵚᶕࠐᒤ䗾ᶕ儈䙏ਁኅᵏˈ

ᯠ䘁кᐲ䘎䬱㦟ᡯޜਨᴹᵋ׍䶐䍴ᵜࣙ࣋ᔰ੟ഭ޵䐁傜സൠⲴᯠⴋᇤˈ䟽

⛩ޣ⌘˖ᐳተޘഭ 15 њⴱᐲˈཊⴱ䐘४ฏ䘀֌ᴰᡀ⟏Ⲵ㘱Ⲯဃ˗㦟૱䴦

୞㋮㓶ॆ㇑⨶ࠪ㢢ˈ⦷ݸ䈅≤㦟ᡯ䖫䰞䇺ࡋᯠъ࣑Ⲵ⳺Ѡ㦟ᡯ˗ԕ৺䰘ᓇ

ᐳተ४ฏ㚊❖ˈᒦ䍝↕Հ䗵䙏ˈ㦟ᡯ O2O 㩕䬰⁑ᔿᴰਟᵏⲴаᗳาǄ

䠃⛯ޢਮ⳾࡟人⎁Ƚզٲ਀ᣋ䍺䇺㓝

ㆶ〦

㛗ԭ

δݹε

EPSδݹε PEδكε

䇺㓝

2015E 2016E 2017E 2015E 2016E 2017E

㘱Ⲯဃ 50.45 0.98 1.27 1.54 51 40 33 Ҡޕ

⳺Ѡ㦟ᡯ 63.19

1.17 1.52 1.94

54 41 33 Ҡޕ

аᗳา 48.65 1.46 1.76 2.16 33 28 23 Ҡޕ

䍴ᯉᶕⓀ˖windˈѝؑ䇱ࡨ⹄ウ䜘亴⍻ ⌘˖㛑ԧѪ 2015 ᒤ 10 ᴸ 8 ᰕ᭦ⴈԧ

ѣؗ䇷࡮⹊ガ䜞

⭦ࣖᕰ

⭥䈍˖021-20262115

䛞Ԧ˖tianjiaqiang@citics.com

ᢗъ䇱Җ㕆ਧ˖S1010515070002

㚊㌱Ӱφ䱾ㄯ

⭥䈍˖021-20262139

䛤Ԭφczhu@citics.com

⴮ሯ᤽ᮦ㺞⧦

䍴ᯉᶕⓀ˖ѝؑᮠ䟿ॆᣅ䍴࠶᷀㌫㔏

⴮ީ⹊ガ

1. ५㦟㹼ъ⇿ઘ५㿸㦟䰫

˄2015.8.02-8.08˅—кॺᒤ㹼ъ࡙⏖

໎䙏⧟∄എॷ᰾ᱮ(2015-08-03)

2. ५㦟㹼ъ䟽བྷһ亩⛩䇴—ԯࡦ㦟㹼ъ

࣐䙏⍇⡼ˈཊ亶ฏਇ⳺᰾ᱮ

(2015-08-03)

3. ५㦟㹼ъ⇿ઘ५㿸㦟䰫

˄2015.7.26-8.01˅—ޣ⌘ഭԱ᭩䶙ᑖ

ᶕⲴᣅ䍴ᵪՊ(2015-07-27)

4. ५㦟㹼ъഭԱ᭩䶙у仈ᣕ੺—ⴻ嗉ཤ

ՠ٬എᖂˈᣃᯠᡀ䮯᰾ᱏ(2015-07-22)

5. ५㦟㹼ъ⇿ઘ५㿸㦟䰫

˄2015.7.19-7.25˅—є㓜ᓖራ᢮лॺ

ᒤ⢋㛑(2015-07-20)

6. ५㦟㹼ъ⇿ઘ५㿸㦟䰫

˄2015.7.12-7.18˅—“⚮ਾ”䟽ᔪˈᖃ

䘹վՠ٬㓶࠶嗉ཤ(2015-07-15)

-2%

18%

28%

38%

48%

58%

68%

78%

88%

98%

108%

118%

128%

138%

148%

158%

168%

140805

140822

140911

140930

141024

141112

141201

141218

150108

150127

150213

150311

150330

150417

150507

150526

150612

150702

150721

⋚␡300 ५㦟

ॱ㦥㺂ѐ䘔䬷㦥ᓍᆆ㺂ѐщ从ᣛ઀

䈧࣑ᗵ䰵䈫↓᮷ѻਾⲴݽ䍓ᶑⅮ䜘࠶

ⴤᖋ

ᣅ䍴㚊❖

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

ᣅ䍴䙫䗁 .............................................................................................................................. 1

仾䲙ഐ㍐ .............................................................................................................................. 1

㹼ъ⧠⣦˖໎䙏᭮㕃ˈ䘎䬱ॆ઼䳶ѝॆᴹᖵᨀ儈

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

ഭ޵५㦟䴦୞㹼ъ㿴⁑ᤱ㔝໎䮯ն໎䙏᭮㕃 ........................................................................ 1

䰘ᓇᮠ䟿䎻Ҿ価઼ˈᒣ൷অᓇᤕᴹӪᮠᐢ䗮л䲀 ................................................................ 2

㦟ᓇ䘎䬱ॆ䎻࣯ᱮ㪇ˈ㹼ъ䳶ѝᓖᴹᖵᨀॷ ........................................................................ 3

㹼ъᵪ䙷˖᭯ㆆ᧘䘋઼ӂ㚄㖁ؑ᚟ॆᑖᶕ㹼ъਈ䶙

.............................................................. 4

ཊ亩᭯ㆆ᧘䘋५㦟࠶ᇦˈ㦟૱䴦୞㹼ъ䗾ᶕਁኅᵪ䙷 ......................................................... 4

࠶㓗䇺⯇᧘ࣘสቲ५⯇ᐲ൪ᢙᇩˈ䴦୞㦟ᓇ䗾ᶕ⑐䚃л⊹ᴰ֣ᰦᵪ ................................... 6

ӂ㚄㖁ࣙ࣋㹼ъབྷਁኅˈ㦟ᓇ O2O ԧ٬▌࣋ᐘབྷ .............................................................. 7

㦟૱⾿࡙㇑⨶㇝൘ᕖкˈ䘎䬱㦟ᓇ㓸ㄟԧ٬ᐘབྷ ................................................................ 8

Ԇኡѻ⸣˖ޘ⨳䘎䬱㦟ᡯӗъᐘཤ

CVS

Ⲵᡀ䮯ѻ䐟

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

кᐲޜਨᾲ㿸˖㿴⁑ᢙᕐ઼⳸࡙㜭࣋ᨀॷᵚᶕਟᵏ

............................................................ 13

ᣅ䍴ᶯඇ䙀⑀ᖒᡀˈ㿴⁑઼⳸࡙㜭࣋䙀⑀ᨀॷ .................................................................. 13

ԓ⨶૱⿽⁑ᔿѪ⳸࡙ޣ䭞ˈ⳸࡙㜭࣋ӽᴹкॷオ䰤 ........................................................... 15

䐁傜സൠ࣐䙏㿴⁑ᢙᕐˈ㠚ᔪоᒦ䍝ᮤਸ㜭࣋ᡀѪṨᗳㄎҹ࣋ ......................................... 16

ᤃኅڕᓧޣ㚄૱㊫ˈᢃ䙐ཊݳॆ୶૱㓿㩕Ⲵབྷڕᓧ㦟ᡯᯠъᘱ ......................................... 18

䘋ޕ㦟ᡯ O2O ᯠᰦԓˈ䖫䰞䇺ㅹࡋᯠъ࣑⁑ᔿᵚᶕਟᵏ ................................................. 19

㹼ъ䇴㓗оᣅ䍴ㆆ⮕

........................................................................................................... 22

㹼ъ䇴㓗 ............................................................................................................................ 22

仾䲙ഐ㍐ ............................................................................................................................ 22

ᣅ䍴ㆆ⮕ ............................................................................................................................ 23

䟽⛩ޜਨ䇴ԧ ..................................................................................................................... 24

ᨈഴⴤᖋ

മ 1˖2005-2015H1 ഭ޵㦟૱䴦୞ᐲ൪㿴⁑ᛵߥ ................................................................ 2

മ 2˖ѝഭᢩਁ䴦୞ъᐕ䍴≤ᒣਈॆᛵߥ ............................................................................ 2

മ 3˖ഭ޵५㦟䴦୞㹼ъ⳸࡙≤ᒣ੸л䱽䎻࣯ ..................................................................... 2

മ 4˖2006-2014 ᒤޘഭ䴦୞㦟ᓇᮠ䟿˄зњ˅ਈॆᛵߥ................................................... 3

മ 5˖2005-2014 ᒤޘഭ䴦୞㦟ᓇᓇ൷ᤕᴹӪᮠਈॆ .......................................................... 3

മ 6˖2006-2014 ᒤᡁഭ䴦୞অփ㦟ᓇᮠ䟿઼໎䮯⦷ਈॆ................................................... 3

മ 7˖2006-2014 ᒤᡁഭ䘎䬱㦟ᓇᮠ䟿઼䘎䬱ॆ⦷ਈॆᛵߥ ............................................... 4

മ 8˖䘁ࠐᒤഭ޵㦟૱㓸ㄟᐲ൪㿴⁑ᛵߥ ............................................................................ 5

മ 9˖ѝഭо㖾ഭⲴ㦟૱䬰୞⑐䚃ሩ∄˄2014˅ ................................................................ 5

മ 10˖2009-2015 ᒤᡁഭสቲ㓸ㄟ⭘㦟㿴⁑ਈॆᛵߥ ........................................................ 6

മ 11˖䘁ࠐᒤഭ޵สቲ५⯇ᵪᶴᮠ䟿໎䮯㕃ធ ................................................................... 7

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