20240512_湘财证券_中药行业2023&2024Q1业绩分析：政策持续显效业绩不断兑现_24页.pdf

政 策 持续 显 效，业 绩不 断 兑现 相关研究：1.新药上 市持续 加速，中药创新 值得关 注 202404245 2.数字化 有望塑 造中医 药发展 新动能 20240430 行业评级：增持%1 3 12 0 0-5 6 9-13 300 分析师：许雯 证 书 编 号：S0500517110001 Tel：021-50293534 Email：地址：上海市浦 东新区 银城路88 号中 国人寿 金融中 心10 楼 2023 2024Q1 2023 25205.7 3.7%3473 15.1%2024Q1 6082.7 2%822.5 2.7%2023 2024Q1 2024 2023 2024Q1 2023 2024Q1 2024Q1 OTC 2023 TOP10 8 OTC 2023 20 10 2024Q1 10 OTC 2024Q1 OTC 2022 2023 2023 2024Q1 OTC-30-20-10 0 10 23/05 23/08 23/11 24/02 24/05 300_ _证 券研 究报告 2024 年 05 月 12 日 湘 财证 券研究 所 行 业研 究 中药 行业 2023&2024Q1 业 绩分 析 2+1 1 2 2023 3+1 OTC 2 3 1 2 3 XVEVzQrMsRqRqOoNsPrOmNaQ8Q9PpNoOsQsOeRrRtOiNqRrN9PnNyRvPnPtQuOrRmP 1 1 2023 2024Q1.4 2 2023 2024.5 2.1.5 2.2 2023 2024Q1.7 2.3 OTC.14 3.17 4.18 5.19 6.20 7.21 2 1.4 2.4 3.4 4.5 5.5 6.6 7.6 8 2023.7 9 2023.7 10 2024Q1.7 11 2024Q1.7 12 2023.9 13 2023.9 14 2023.9 15 2023.9 16 2023.9 17 2023.9 18 2023.10 19 2023.10 20 2023.10 21 2023.10 22 2023.10 23 2023.10 24 2023.11 25 2023.11 26 2024Q1.11 27 2024Q1.11 28 2024Q1.12 29 2024Q1.12 30 2024Q1.12 31 2024Q1.12 32 2024Q1.12 33 2024Q1.12 34 2024Q1.13 35 2024Q1.13 36 2024Q1.13 37 2024Q1.13 38 2024Q1.13 39 2024Q1.13 Bln4n8g8emt/B7+3sPQdPJKvZxvDHl7CnYBIQwX/6MMbZLpmpCpOkFA5iY8cktsQ 3 40.17 41.18 42 2024 5.01.18 43 2024 300 5.01.18 44 2024 5.01.19 45 2024 5.01.19 46 300 2024.5.10.19 47 PE.20 48 PB.20 49 PE.20 50 PB.20 51 PE.20 52 PB.20 53.21 1 2023.5 2 2023 2024Q1.6 3 2023.8 4 2024Q1.8 5 2023 TOP10.14 6 2023 20.14 7 2024Q1 20.15 8 2023.15 9 2024Q1.16 4 1 2023 2024Q1 2023 25205.7 3.7%3473 15.1%42.86%1.21 2024Q1 6082.7 2%822.5 2.7%41.87%0.09 1 2(20)(10)010203040500500010000150002000025000300003500017-03 18-03 19-03 20-03 21-03 22-03 23-03 24-03%(40)(20)02040608010012001000000020000000300000004000000050000000600000007000000017-03 18-03 19-03 20-03 21-03 22-03 23-03 24-03%Wind Wind 3 2025303540455017-03 18-03 19-03 20-03 21-03 22-03 23-03 24-03%Wind 2023 5 1 2023-5.9%-13.2%-0.5%-3.4%14.6%22.9%6.5%6.4%-15.6%-43.3%-4.0%-16.2%2024Q1 2024 2 2023 2024 2.1 2023 24958.8 6.84%1581.74 15.95%33.04%0.26pct 6.71%1.88pct 2024Q1 6359.4 3.79%559.8 1.46%32.38%0.21pct 9.32%0.27pct 4 5(10)01020304005000100001500020000250003000015-03 16-03 17-03 18-03 19-03 20-03 21-03 22-03 23-03 24-03%-40-200204060800500100015002000250015-03 16-03 17-03 18-03 19-03 20-03 21-03 22-03 23-03 24-03%Wind Wind 6 6 7 2527293133353767891011121315-03 16-03 17-03 18-03 19-03 20-03 21-03 22-03 23-03 24-03%1416182022242615-03 16-03 17-03 18-03 19-03 20-03 21-03 22-03 23-03 24-03%Wind Wind ST B 2 2023 2024Q1 2022 10.14%2.93%2.62%34.64%9.91%18.53%3.74%2023Q1 2.25%-25.55%-26.14%33.07%9.85%18.34%3.37%2023Q2 5.49%-13.85%-12.92%32.95%9.79%18.30%3.76%2023Q3-3.25%-18.56%-18.02%32.48%8.82%18.04%3.93%2023Q4-2.44%-42.96%-43.46%31.63%2.25%20.46%4.57%2023 0.45%-22.02%-21.93%32.54%7.69%18.79%3.90%2024Q1-0.59%-10.21%-10.35%31.61%8.90%17.35%3.45%Wind 2023 ST B 58.33%52.48%20%18.24%20%32.43%2024Q1 52.48%52.25%20%14.86%20%30.63%7 8 2023 9 2023 Wind Wind 10 2024Q1 11 2024Q1 Wind Wind 2.2 2023 2024Q1 2023 2023 2023 44.25%10.55%0.21pct 1.7pct 2024Q1 2024Q10 10 20 30 40 50 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 0%8 3 2023 2023 0.45%-22.02%-21.93%18.79%0.26%3.90%0.16%32.54%-2.11%7.69%-2.22%-0.27%-13.25%-14.14%27.94%-0.39%7.57%0.50%46.30%-0.16%8.14%-1.22%8.00%-14.05%-11.69%23.83%-1.36%8.64%-0.10%53.50%-4.67%16.14%-4.14%-4.00%-17.71%-17.23%17.61%1.18%4.28%0.18%39.99%-0.27%13.42%-2.23%-26.81%-54.37%-53.56%22.17%5.95%9.63%2.65%50.04%-4.36%16.22%-9.79%7.80%-2.36%-1.05%9.23%-0.32%0.32%0.00%12.79%-0.54%2.14%-0.22%6.08%26.45%26.83%28.85%-0.17%2.81%0.02%44.25%0.21%10.55%1.70%Wind 4 2024Q1 2024Q1-0.59%-10.21%-10.35%17.35%-0.99%3.45%0.08%31.61%-1.46%8.90%-0.95%0.11%6.44%5.86%25.66%-1.94%6.43%0.05%46.40%-0.60%11.83%0.70%-5.71%-32.06%-32.89%22.39%-0.84%8.79%0.64%50.34%-5.62%16.30%-6.32%-7.21%-39.21%-39.53%17.58%-0.35%4.27%0.02%36.25%-3.33%10.10%-5.31%-1.76%-5.94%-5.15%21.16%-0.09%9.36%0.61%50.57%0.00%18.15%-0.81%1.27%-4.59%-1.78%8.64%-0.28%0.28%-0.01%12.40%-0.42%2.54%-0.16%-1.03%-8.12%-7.91%25.33%-1.91%2.24%0.15%43.54%-2.46%13.53%-1.05%Wind 2023 63.49%20%41.67%34.69%50%10%47.62%37.5%34.69%20%25%50%20%50%9 12 2023 13 2023 Wind Wind 14 2023 15 2023 Wind Wind 16 2023 17 2023 Wind Wind 0 10 20 30 40 50 60 70 80 90%0 10 20 30 40 50 60 70 80%0 10 20 30 40 50 60 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 0%10 18 2023 19 2023 Wind Wind 20 2023 21 2023 Wind Wind 22 2023 23 2023 Wind Wind 0 10 20 30 40 50 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 0%11 24 2023 25 2023 Wind Wind 2024Q1 41.27%52.38%20%11.11%20%20.63%26 2024Q1 27 2024Q1 Wind Wind 0 10 20 30 40 50(20,50(10,20 0,10 50(20,50(10,20 0,10 0%0 10 20 30 40 50 60 70%0 10 20 30 40 50 60 70%12 28 2024Q1 29 2024Q1 Wind Wind 30 2024Q1 31 2024Q1 Wind Wind 32 2024Q1 33 2024Q1 Wind Wind 0 10 20 30 40 50 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 0%13 34 2024Q1 35 2024Q1 Wind Wind 36 2024Q1 37 2024Q1 Wind Wind 38 2024Q1 39 2024Q1 Wind Wind 2023 0 10 20 30 40 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 50(20,50(10,20 0,10 0%14 2024Q1 2.3 OTC 2023 TOP10 8 OTC 5 2023 TOP10 2023 75515.40 6.68%39111.29 7.19%24738.96 36.83%17860.89 16.19%15622.65 11.19%13245.13-11.41%10318.31-17.67%10058.50 15.69%9654.54 7.32%8674.01 0.94%Wind 2023 20 10 2024Q1 10 OTC 2024Q1 6 2023 20 300534.SZ 161.36%176.77%138.70%64.24%7.76%51.60%2.79%300039.SZ 42.47%71.98%71.84%80.40%20.51%50.73%6.01%603439.SH 36.10%53.63%45.42%73.31%18.04%53.73%1.87%002728.SZ 20.38%42.07%42.07%56.15%23.72%23.00%4.04%000423.SZ 16.66%47.82%47.55%70.24%24.43%37.55%3.67%600976.SH 15.72%29.03%27.94%46.05%12.42%36.03%1.76%000590.SZ 15.44%36.97%39.13%52.42%6.15%44.17%3.17%301331.SZ 13.54%27.30%27.30%51.26%10.99%36.66%2.14%605199.SH 25.75%32.90%24.29%52.77%5.91%39.46%4.93%600572.SH 12.20%46.65%65.20%58.48%10.02%41.79%4.43%Wind 15 7 2024Q1 20 000423.SZ 35.95%53.39%53.43%71.79%24.33%41.19%2.70%300181.SZ 35.75%44.90%46.14%66.68%21.42%40.92%2.16%002907.SZ 21.78%34.05%34.05%60.66%17.67%33.31%5.54%600436.SH 20.58%25.37%26.61%47.26%31.50%7.72%2.80%600285.SH 15.27%32.01%31.98%75.60%20.94%48.51%2.24%000999.SZ 14.82%18.20%18.49%53.42%19.92%25.73%1.88%603896.SH 7.15%23.19%23.19%82.91%34.92%45.86%5.17%600080.SH 6.96%411.92%411.92%76.56%20.69%67.54%2.01%300039.SZ 3.51%10.21%10.33%81.39%18.57%52.04%6.81%000538.SZ 2.49%12.09%12.12%29.98%15.77%12.32%0.53%Wind OTC 2022 2023 2023 2024Q1 OTC 8 2023 600557.SH 11.88%23.79%23.54%74.27%11.24%46.45%15.85%002603.SZ-17.67%-42.96%-42.74%57.28%13.03%32.21%8.27%600535.SH 0.94%66.80%11.72%38.12%10.57%603858.SH-11.41%68.15%1.15%56.30%2.53%603998.SH-9.12%-35.08%-34.64%68.10%11.03%50.21%6.63%002873.SZ-12.29%-27.48%-27.48%77.07%8.48%63.00%4.00%-8.36%164.53%152.02%65.99%8.37%44.76%7.62%600436.SH 15.69%13.01%13.15%46.76%28.35%11.35%2.31%600771.SH 13.56%72.94%7.23%58.55%2.44%000538.SZ 7.19%45.14%36.41%26.51%10.54%14.81%0.86%000423.SZ 16.66%47.82%47.55%70.24%24.43%37.55%3.67%600085.SH 16.19%17.45%17.04%47.29%14.46%27.15%1.57%603896.SH-5.39%-8.30%-8.39%82.72%32.44%48.54%6.33%10.90%32.31%30.47%38.49%14.98%19.90%1.49%OTC 000999.SZ 36.83%27.09%16.50%53.24%12.83%34.22%2.89%600750.SH 15.18%19.01%18.83%65.31%17.46%40.52%3.04%16 600976.SH 15.72%29.03%27.94%46.05%12.42%36.03%1.76%002737.SZ 11.89%28.06%29.05%56.29%20.44%31.71%2.26%600129.SH 11.19%151.51%135.09%48.60%5.46%39.13%1.50%000650.SZ-2.35%-11.54%-1.25%37.12%12.51%15.61%0.92%600285.SH 10.31%22.09%22.09%73.29%17.16%49.61%3.31%600332.SH 6.68%0.14%2.25%18.79%5.64%11.26%1.04%600479.SH-5.66%1.74%5.53%46.12%10.40%29.55%3.92%600566.SH 7.32%30.18%30.04%81.52%29.28%42.69%4.81%600993.SH-11.20%-5.93%-7.46%41.91%14.40%24.89%2.20%10.66%17.69%17.20%37.52%10.07%23.62%1.87%300026.SZ-8.14%-19.23%-18.83%54.11%8.21%41.12%3.53%-8.14%-19.23%-18.83%54.11%8.21%41.12%3.53%Wind 9 2024Q1 600557.SH 0.48%2.96%4.67%74.61%11.01%45.34%15.02%002603.SZ-35.89%-74.87%-74.73%51.48%11.97%28.32%7.16%600535.SH-1.52%11.56%10.95%67.17%14.30%37.65%9.73%603858.SH-24.88%-79.88%-74.96%58.66%3.32%49.05%1.74%603998.SH 0.37%8.29%10.04%73.19%15.57%51.30%5.92%002873.SZ-15.06%-37.94%-37.94%77.83%8.78%62.57%2.95%-20.31%-57.06%-56.04%62.01%9.97%40.64%7.20%600436.SH 20.58%25.37%26.61%47.26%31.50%7.72%2.80%600771.SH-11.13%76.21%49.61%75.86%14.45%52.82%2.62%000538.SZ 2.49%12.09%12.12%29.98%15.77%12.32%0.53%000423.SZ 35.95%53.39%53.43%71.79%24.33%41.19%2.70%600085.SH 2.42%4.01%10.04%42.93%16.38%22.59%0.79%603896.SH 7.15%23.19%23.19%82.91%34.92%45.86%5.17%6.43%16.68%18.92%39.93%19.03%17.16%1.16%OTC 000999.SZ 14.82%18.20%18.49%53.42%19.92%25.73%1.88%600750.SH-6.76%10.28%10.77%68.77%23.18%38.28%2.33%600976.SH-4.27%0.38%-0.04%42.50%10.33%35.74%2.37%002737.SZ-14.01%-37.91%-37.17%56.77%17.80%33.12%1.51%600129.SH-4.96%5.30%5.05%46.47%5.92%37.71%1.33%000650.SZ-8.72%-4.33%-2.74%36.66%16.95%20.61%0.52%600285.SH 15.27%32.01%31.98%75.60%20.94%48.51%2.24%600332.SH 6.09%3.18%2.59%22.13%8.85%10.95%0.81%600479.SH 4.22%7.51%5.22%45.74%6.10%30.71%6.04%600566.SH 0.60%24.87%24.90%81.12%35.25%41.11%4.75%600993.SH 14.70%7.25%5.36%49.32%21.28%21.45%1.76%4.30%6.96%7.03%38.21%13.21%21.25%1.51%17 300026.SZ-11.80%-69.57%-66.87%51.26%3.72%40.59%3.03%-11.80%-69.57%-66.87%51.26%3.72%40.59%3.03%Wind 2023 2024 3 2015 2019 40 2019 2020 2021 2022 2023 2023-2025 2024()DRG/DIP“+”“+”18 41/+4 2024 5 10 7.43%300 14.28 300 5.42 8.86 42 2024 5.10 43 2024 300 5.10 Wind Wind-20-10 0 10 20 30%-30-20-10 0 10 20%19 44 2024 5.10 45 2024 5.10 Wind Wind 5 5 10 PE TTM 28.9 PB LF 2.54 300 136.73%PE 33.2%PB 10.2%46 300 2024.5.10 Wind-30-25-20-15-10-5 0 5 10 300%-20-15-10-5 0 5 10 15%0 50 100 150 200 20/06/12 21/03/12 21/12/12 22/09/12 23/06/12 24/03/12/300 20 47 PE 48 PB Wind Wind 49 PE 50 PB Wind Wind 51 PE 52 PB Wind Wind 6“+”“+”“”34.0 28.9 40.9 32.1 19.6 45.2 27.6 0 50 100 150 200 250 300 PE(ttm)2.7 2.5 2.8 2.7 1.6 3.0 2.6 0 2 4 6 8 10 12 PB(lf)0 10 20 30 40 50 60 70 80 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 24/05/07 PE(ttm)0 1 2 3 4 5 6 7 8 9 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 24/05/07 PB(lf)0 10 20 30 40 50 60 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 24/05/07 PE(ttm)0 1 2 3 4 5 6 7 8 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 24/05/07 PB(lf)21 1 1 2 2023 3“+”“+”“”“”+“+”1 OTC 2 3“+”53“+”+/+OTC 7 1 2 3 湘财证券投资评级体 系（市场比较基准为沪深 300 指数）6-12 15%6-12 5%15%6-12-5%5%6-12 5%6-12 15%重要声明 分析师声明