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國藥控股(1099.HK):2019年前三季度股東淨利增長11.6%,基本符合預期,維持“收集”評級
格隆匯 10-29 08:31

機構:國泰君安

評級:收集

目標價:37.50港元

觀點評論:

2019年前三季度業績基本符合我們的預期:2019年前三季度,公司分別錄得收入/股東淨利人民幣312,688百萬元/人民幣4,595百萬元,分別同比增長24.7%/11.6%並佔我們全年業績預測值的76.6%/72.7%。2019年前三季度每股淨利為人民幣1.55元,同比上升4.0%。儘管毛利率下降0.4個百分點(可能歸咎於毛利率相對較低的專業藥房的收入貢獻增加以及較高毛利率產品的銷售量減少),股東淨利恢復正向且強勁的同比增長,從2019年第二季度的-4.0%上升至2019年第三季度的22.8%,主要受以下因素支持:1)收入增速維持強勁,2)經營費用率下降,以及3)少數股東權益佔比保持穩定。

投資建議:考慮到2019年第三季度業績基本符合我們的預期,我們考慮在下一份公司報告中維持國藥控股“收集”的投資評級以及37.50港元的目標價不變。

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