资源描述
0755 23976735S0755-23976170S08805230900031 2 3 4 7-8 9-10 2023Q3-20%0%20%40%60%80%100%2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q1-3 19%/19.6%/16.4%3 2023Q2-3 2024 1+2024 2023 8 14.14 23%2023Q3/1.6%/-4.2%/-0.3%/2.7%2024 2024 010203040501-2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 20233 5%5 2023H1-10%0%10%20%30%40%50%YOY 2023Q1 YOY 2023Q2/2023H1 Q2/020000400006000080000100000120000-15%-10%-5%0%5%10%15%20%25%30%35%23H1 23H1 23H1 6 2023Q1-3 2023Q3 2019 0%5%10%15%20%25%30%2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3-20%0%20%40%60%2023Q1 2023Q2 2023Q37 01020304050607080902016-01-292016-03-312016-05-312016-07-292016-09-302016-11-302017-01-262017-03-312017-05-312017-07-312017-09-292017-11-302018-01-312018-03-302018-05-312018-07-312018-09-282018-11-302019-01-312019-03-292019-05-312019-07-312019-09-302019-11-292020-01-232020-03-312020-05-292020-07-312020-09-302020-11-302021-01-292021-03-312021-05-312021-07-302021-09-302021-11-302022-01-282022-03-312022-05-312022-07-292022-09-302022-11-302023-01-312023-03-312023-05-312023-07-312023-09-282023-11-07PE ttm+wind 8 9 47.8%45.8%45.2%43.3%17.6%15.7%15.7%15.3%6.8%6.9%7.0%6.9%5.5%5.5%5.0%4.8%20.3%22.4%22.1%23.1%0.8%1.2%1.4%1.8%0.2%2.5%3.5%4.8%2019 2020 2021 2022 DTP CAGR(19-22)60%32%5.4%-4.0%1.4%-3.6%-2.3%YOY(22vs21)39%30%6.4%-3.1%-0.4%-0.3%-2.1%21.1%24.9%+DTP 10 40.4%37.6%35.5%34.9%36.1%39.7%37.9%37.3%23.5%22.7%26.6%27.9%2018 2019 2020 20217.8%11.5%13.0%29.8%19.9%5.6%CHC THC e.g.47.6%40.7%26.7%27.1%31.8%34.1%30.0%28.1%20.6%25.1%43.4%44.7%2018 2019 2020 2021 2019 CAGR(18-21)11%-18%-29%21 vs 18)-23%-80%-77%11,128.1,74%,29.1,17%,0.2,0%,0.2,0%,15,9%,0.8,0%9%2021 DTP,58.3%,8.5%DTP,33.1%2018-2021 2021 33%DTP 87.6%85.7%73.7%11.6%13.0%14.4%0.8%1.4%11.8%2019 2020 2021DTP DTP e.g.-DTP DTP DTP,51.30%,6.80%,41.90%PD-1/L1 DTP 2022 12 1998+2018-2022 2021 2023 2003 2009 2007 2009+13 46%54%10000+2022 12.6%11.6%9.0%8.9%7.1%6.6%3.2%25.5%15.8%e.g.5000+-2023 8 25 14/2023 12 31 vs 54%7 vs 60 1.06/vs 1.35 14 0.0%10.0%20.0%30.0%40.0%50.0%60.0%010002000300040005000600070008000900010000 2023 6 2023 6 18 4 7%9 2023 8 14.14 29%2020.12 2021.5 19/2021.4 2023.1 2023.2 15 16 2023 8 59.4 48.4 32.09 54%14.14 29%1240.24 69.36 2022 5000+1%+13.14 1.74 CMH 17 Rx OTC/20.4%116.3 15.8%92.3 12.6%85.3 11.6%9.0%65.48.9%7.1%6.6%3.2%7.9%37.2 14.3%32.8 12.6%10.3%27.2 10.5%6.9%7.0%3.9%16.7%31.8%15.1 13.0%25.2 21.6%4.6%14.3 12.3%5.7%3.8%35.8%15.5 19.2%5.2 6.4%2.4%19.2 23.7%42.4%31.6 7.5%62.7 14.9%2.4%4.6%38.1 9.1%4.1%3.0%3.3%13.7 16.8%4.4%3.8%5.2%4.4%8.2 10.1%2.5%7.6 9.3%36.9%V L A J N C K B R M-T G H S D 735.0 259.8 116.4 80.7 420.2 81.618 51%3500 84%3500-5000 5%5000 11%51%20%28%9%1/5 1/3 200 16%200-500 28%500-1000 16103521 1 1644 632110942141111 1310369121518215001000 200500 5000 35005000 3500 2023 6 19 2021 9038 1.25 2020 7299 1.492021/97.8 4.5 1.7 0.2 3.6 19.0 6.8 1.2 3.5 43.1 15.2 2.3 59.9 1.6 0.4 0.01 30.7 1.6 0.6 0.04 59 0.990.000.200.400.600.801.001.200200,000400,000600,000800,000 2023 1.06/3,11.29%2-3,16.13%1-2,52.15%0.8-1,8.60%0.5-0.8,6.99%0.5,4.84%1 80%/20,11754,32%,17686,49%,6716,19%19003 14747 9321 11864 7139 5425 9724 9296 2061 28728 24043 2%4%2%2021 5000+2000 0%5%10%15%20%25%30%05,00010,00015,00020,00025,000 YOY YOY 2022 1.3 41964330477452092029 2076 2061248401000200030004000500060002019 2020 2021 2022 20-50 50 20-50 50 21-30%-20%-10%0%10%20%30%40%50%0204060801001201402021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 YOY e.g.1500 2000 83%586 1500 707 83%230 2000 277 83%2023 13.5610.8515.2611.5412.6213.8311.7712.3414.66-60%-40%-20%0%20%40%60%80%0.05.010.015.020.01 2 3 4 5 6 7 8 9 YOY 2023 1 1 10 2022Q2-3 2022Q4 22 2021.8 27.5%11.9%8.2%+/4 12/3 10+10 100 2022 2023Q3+/DRG/DIP 23 DTP 3000+5/6 615 294 1393 23Q1 240 2023Q3 745 209 1500 554 2023H12893 14/20 171 1280 266 2023Q3 735 1231 329 213 2023Q3 304 565 188 132 2023Q3 350 80 2023H124/1956-1974 18 0-1%1956 1974-1997 13 1-20%1974 1974 10 100 500 1997-2015 18 20%+-70%1997 1992 2 1997 37 70%/1998 30.3%4 189062003 51.6%5.9812 372976 21.3%49.5%97.3%2004 53.8%6.1889 399642009 60.7%7.0222 556136 6.9%13.5%39.2%2010 63.1%7.2939 575922015 70.0%7.8818 738476 6.9%8.1%28.2%2016 71.7%7.9929 717212021 75.3%7.7143 736756 3.6%-3.5%2.7%2022 76.6%7.9987 747740.0%50.0%100.0%05 70%GDP 30 1%70%70%Health Policy 25 26 0%10%20%30%40%50%60%70%80%90%100%0.050.0100.0150.0200.0250.0300.0350.0400.0450.0500.02017 2018 2019 2020 2021 2022 2023H1 0%10%20%30%40%50%60%70%80%05001,0001,5002,0002,5003,0003,5004,0004,5005,0002015 2016 2017 2018 2019 2020 2021 2022 yoy yoy 2022 25%2023H1 30%+20%+27 13461502139215961736168417531956221022242211222823882274241224412676244428493043296029352917284930643235445233995095563736274500/5637 5.6%O2O 6.7%4452182919163.2%2.2%O2O/28 TOP 1-1052%TOP 11-209%TOP 21-305%TOP 31-506%Others28%TOP10 O2O 52%2022.10 2023 11 6 O2O O2O CMH wind O2O 20%+30+70+O2O 20%40%10-20%1-2%6%O2O 4%+2%29 30 0-5%5-10%10-15%15-20%20-25%25-30%30%+TOP1 25%2015-2022 CAGR 8.8%CMH CMH 0%2%4%6%8%10%12%02,0004,0006,0008,0002015 2016 2017 2018 2019 2020 2021 2022 YOY20.9%21.0%22.3%4.8%4.5%4.5%6.1%6.2%6.2%3.5%3.4%3.5%29.4%29.8%27.0%0%10%20%30%40%50%60%70%2020 2021 2022CR10 CR11-20 CR21-50 CR51-100 CR101 2022 CR10 22.3%31 0%20%40%60%80%100%120%140%0200004000060000800001000002016 2017 2018 2019 2020 2021 2022 2023E2024E YOY YOY 2022 328 20%+918 10%737 737+799 10%/5349 4 915/7 O2O 173/768/137 212/412 323/10%+20%+25-26%15-20%32 357 551 770 933 1253 1515 1687 1997 3341 5456 6778 0%20%40%60%80%020004000600080002013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Q3 3544 15-20%215 158 8 47 43 2023Q3 2022 412 2 179 10 144 13 117 17 60 26 280 53116197013809748036.6%4.2%2.9%2.1%1.7%0%1%2%3%4%5%6%7%05001,0001,5002,0002,5003,0003,500 2022 33 20%+10%10%10%5%10%2022 219 7 109 20 176 11 402 3 212 8 128 15599 660 81010651535205936114752 5991 7809 10268 12350 0%10%20%30%40%50%60%70%80%02,0004,0006,0008,00010,00012,00014,0002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Q3 010203040502019 2020 2021 2022 2023Q1-3 024682019 2020 2021 2022 2023Q1-3%34 20%25%10%7%5%2022 588 1 149 12 280 5 117 17 402 31602192124092985388047566020819310045129930%5%10%15%20%25%30%35%40%02,0004,0006,0008,00010,00012,00014,0002014 2015 2016 2017 2018 2019 2020 2021 2022 2023Q3 14.1%15.1%17.9%23.6%28.4%32.6%0%10%20%30%40%50%2018 2019 2020 2021 2022 2023Q1-3 0%5%10%15%35 20%+4%2%6%6%10%20%10%7%2%5457831000148318382733386451286533835210783130650%10%20%30%40%50%60%02,0004,0006,0008,00010,00012,00014,000 157 22958 47050100150200250 2015 2016 2017 2018 2019 2020 2021 2022/36 60%+5269 5-10%457 7%1334 4%351 5-10%885 20%397 10%650 1872 2389 2623 3496 4085 5066 5758 6266 7205 8560 9206 10008 0%5%10%15%20%25%30%35%02,0004,0006,0008,00010,00012,000 2022 137 14 36 28 282 4 128 16 149 12 110 19 99 220%10%20%30%40%50%2023H137 2684 30%384 5%2373%458 5%360 3%11251220 11841305150617522130304440554711-10%0%10%20%30%40%50%01,0002,0003,0004,0005,0002014 2015 2016 2017 2018 2019 2020 2021 2022 2023Q3 2022 137 14 212 8 179 10 282 4 128 16 149 12 2023Q3 2631%36%38%5%6%9%1%5%2023H1 38 39()20231124()(X)2023E 2024E 2025E 2023E 2024E 2025E603939.SH 36.39 1.36 1.69 2.09 27 22 17 603233.SH 25.44 1.13 1.43 1.76 23 18 14 603883.SH 29.17 1.59 1.91 2.31 18 15 13 002727.SZ 24.01 1.67 2.09 2.43 14 11 10 301017.SZ 21.14 0.70 0.91 1.22 30 23 17 605266.SH 58.70 3.23 4.04 5.02 18 15 12 40 41 42
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