2019年中报点评|中国中药(0570.HK)业务扎实推进价值被低估维持“买入”评级
机构：国信证券
评级：买入
收入稳健增长，利润略逊预期
2019年上半年营收69.37亿元（+27.0%），毛利41.87亿元（+42.9%），归母净利润8.59亿元（+13.0%）。公司上半年中药配方颗粒与中成药业务保持稳健增长，受销售费用率大幅提升、新业务持续整合影响，净利润增长略逊于预期。
中药配方颗粒强劲增长，收入占比和盈利能力进一步提升
2019上半年，中药配方颗粒板块收入45.70亿元（+31.1%），占总收入的比重达到66%。实现毛利30.25亿元（+48.1%），贡献毛利占比达到72%，毛利率提升到66.2%（+7.6pp）。毛利率提升主要是由于：价格提升与成本降低。实现净利润7.87亿元（+23.1%），净利率17.2%（-1.1pp），净利率小幅降低的原因在于：（1）销售费用率同比提高7.8pp；（2）加大研发投入；（3）销售回款主要集中在下半年，应收账款余额增加。
中成药继续推行大品种战略，临床品种及OTC品种稳健增长
2019上半年中成药业务收入16.98亿元（+30.0%），占总收入比重24%。上半年核心临床品种收入8.33亿元（+17.6%）；核心OTC品种收入4.19亿元（+25.9%）。实现毛利10.39亿元（+32.0%），毛利率为61.1%（+0.9pp），基本保持稳定。实现净利润1.48亿元（-13.8%），净利率为8.7%（-4.4pp）。净利率下滑的主要受2018年收购中联药业影响，对其产品的整合仍在进行中。
中药饮片优化业务结构，大健康业务持续布局
2019上半年中药饮片业务收入6.05亿元（-5.4%），实现毛利1.09亿元（+15.9%），毛利率为17.9%（+3.3pp），实现净利润3.09亿元（-17.3%），主要原因是优化业务结构，提高特色品种及高毛利品种销售。中药大健康业务收入3,570万元（+41.3%），在运营国医馆数量增加到8个。
风险提示：政策不确定性风险，中药配方颗粒增长不及预期
投资建议：中药配方颗粒产业龙头公司，价值被低估，建议买入预计2019~2020年公司净利润为17.10/20.40/24.74亿元，PE为9.9/8.3/6.9x，PB仅1x，PS不足2x。继续维持“买入”投资评级，预期未来2年合理估值为7.07-8.16港元，与当前市值差异较大。
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