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聚 力 向“新”提质 增 效 相关研究：1.政策 持续显 效，业 绩不断 兑现 20240512 行业评级：增持%1 3 12-2-3-8-7-5-17 300 分析师：许雯 证 书 编 号：S0500517110001 Tel：(8621)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 2015 2019 2023 2024Q1+2023 OTC+-30-20-1001023/06 23/09 23/12 24/03 24/06 300_ _ 证 券研 究报告 2024 年 06 月 22 日 湘 财证 券研究 所 行 业研 究 中 药行 业 2024 中期 策略 报告 +“”1 1 2 2023 3+1 2 1 2 3 YWAZuNqNmPrQoQpMmRqPrQ7N9RaQmOoOsQqMeRoOsMkPpNtP7NmMuMNZrNvNvPpMpO 1 正文目录 1.4 1.1.4 1.2.5.9.9.15 2.3.16 3.20 4.23 5.26 2 图表目录 1.5 2 2023.7 3 2023.7 4 2023.7 5 2023.7 6 2024Q1.8 7 2024Q1.8 8 2024Q1.8 9 2024Q1.8 10.9 11 2017.10 12 2021.11 13.11 14 2021.13 15 2024.13 16.13 17 2024.13 18 2021.14 19.14 20 2023 TOP20.14 21 2024Q1 TOP20.14 22.15 23.16 24.17 25.18 26+.20 27.21 28.22 29.22 30 A.22 31 2024.23 32 2024 300.23 33 2024.23 34 2024.23 35 300.24 36 PE.24 37 PB.24 38 PE.24 39 PB.24 40 PE.25 SNDeIQK9dvlcbo6TLwOSyZDzSda0ryHb0G1WUCrSdD75cshdLDxqGcqVxWnTInyj 3 41 PB.25 42.26 1 2023.6 2 2024Q1.6 3 2021.9 4.12 5+.18 4 1 1.1 2015 2019 2022“”“”“”“”10 15 11 2024 DRG/DIP 5 1 2019 2020 2021 2022 2023 2023-2025 2024()2024 2024 DRG/DIP“+”1.2 2023 2023 2023 2023 44.25%10.55%0.21pct 1.7pct 2024Q1 2024Q1 6 1 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 2 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%7 2 2023 3 2023 Wind Wind 4 2023 5 2023 Wind Wind 2024Q1 41.27%52.38%20%11.11%20%20.63%0 10 20 30 40 50 60 70 80 90%0 10 20 30 40 50 60 70 80%01020304050(20,50(10,20 0,10 50(20,50(10,20 0,10 0%8 6 2024Q1 7 2024Q1 Wind Wind 8 2024Q1 9 2024Q1 Wind Wind 2023 2024Q1“”“”“”0 10 20 30 40 50 60 70%0 10 20 30 40 50 60 70%02040608050(20,50(10,20 0,10 50(20,50(10,20 0,10 0%9 10“”2+2.1 2017 2024.05.31 42 2021 34 80.95%2021 35.29%14.71%11.76%8.82%8.82%8.82%3 2021 1 3.2 2021 2 3.2 3 3.2 4 6 5 6 6 1.1 7 1.1 8 1.1 10 9 1.1 10 1.1 11 1.1 12 1.1 13/1.2 2022 14 1.2 15 3.2 16 3.1 17 6.1 18 1.1 19 1.2 20 3.1 2023 21 1.1 22 1.1 23 1.1 24 1.2 25 1.1/26 2.2/27 3.1 28 3.1 29 1.1 2024 30 1.1 31 3.1 32 3.1 33 1.1 34/3.1 CDE 2024.05.31 11 2017 CDE 2024.05.31 0510152017 2018 2019 2020 2021 2022 2023 2024 11 12 2021 CDE 2024.05.31 2019-2023 3 6 7 10 23 2024 5 31 18 2023 78.26%2024 5 31 33 2024 18 54.5%2024 2024 13 CDE 2024.05.31 02468101214 05101520252019 2020 2021 2022 2023 2024 12 4/1 6.1 2 6 3 3.1 4 3.1 5 3.1 6 2.1 7 1.1 8 2.1 9 3.1 10 3.1 11 1.1 12 3.1 13 A 1.2 14 A 1.2 15 1.1 16 3.1 17 3.1 18 3.1 19 3.1 20 3.1 21 1.1 22 1.1 23 1.1 24 1.1 25 1.1 26 1.1 27 1.1 28 3.1 29 3.1 30 3.1 31 1.1-32 3.1 33 3.1 2025.05.31 1-2-3-13 1 55.88%3 32.35%2024 1 3 50%1 3 33 1 39.39%3 48.48%88%2024 18 1 44.44%3 55.56%14 2021 15 2024 2024.05.31 2024.05.31 16 17 2024 2024.05.31 2024.05.31 2021 4 3 2 4 55.88%2.94%32.35%8.82%1 2 3 50.00%0.00%50.00%0.00%1 2 3 39.39%6.06%48.48%6.06%1 2 3 44.44%0.00%55.56%1 2 3 14 3 2 18 2021 19 2024.05.31 2024.05.31 2023 2024Q1 TOP20 20 2023 TOP20 21 2024Q1 TOP20 Wind Wind“+”“+”012345/2021 012345/0%2%4%6%8%10%12%14%16%18%0%2%4%6%8%10%12%14%16%15 22“”2.2 2 6 16“+”+23+2.3 2023 126 21 17 15 15 59 1 3088 1698 1390 892 2000 575 2023 1390 2024 17 2024 2024 2024 24 2024 2018 6 2024 2024 2018 268 2009 166 4 575823987123813211374 1381139091310271140129713221486158616980200400600800100012001400160018002000 2004 2009 2017 2019 2021 2022 2023 18 25“+”5“+”+/()10220326820531741730752068501002003004005006007008002009 2012 2018 19()()C/(/)/20 26“+”3 2023“”60%83.78%69.41%68.22%64.29%62.22%60.38%16.02%31 A 27.59%0 2 4 6 8 10 12 14 16 18 21 27 2024.06.20 79 16.02%6 40.63%28.77%22.78%35.44%39.24%2.53%23.81%38.10%33.33%4.76%0%10%20%30%40%50%60%70%80%90%22 28 29 2024.06.20 2024.06.20 OTC+30 A 2024.06.20 0%5%10%15%20%25%30%35%40%45%0%5%10%15%20%25%30%35%40%45%0%10%20%30%40%50%60%70%ST 23 4“”2024 6 20 18.55%300 20.65 300 12.51 8.15 31 2024 32 2024 300 Wind 2024.06.20 Wind 2024.06.20 33 2024 34 2024 Wind 2024.06.20 Wind 2024.06.20 6 20 PE TTM 25.51 PB LF 2.26 300 115.17%PE 23.8%PB 5%24 35 300 Wind 2024.06.20 36 PE 37 PB Wind 2024.06.20 Wind 2024.06.20 38 PE 39 PB Wind 2024.06.20 Wind 2024.06.20 05010015020020/07/24 21/04/24 22/01/24 22/10/24 23/07/24 24/04/24/30027.4 25.5 33.7 25.2 16.3 30.8 23.1 050100150200250300 PE(ttm)2.3 2.3 2.5 2.3 1.4 2.7 2.3 024681012 PB(lf)0102030405060708011/01/07 13/09/07 16/05/07 19/01/07 21/09/07 24/05/07 PE(ttm)012345678911/01/07 13/09/07 16/05/07 19/01/07 21/09/07 24/05/07 PB(lf)25 40 PE 41 PB Wind 2024.06.20 Wind 2024.06.20+1 1 2 2023 3“+”+1 2 010203040506011/01/07 13/09/07 16/05/07 19/01/07 21/09/07 24/05/07 PE(ttm)01234567811/01/07 13/09/07 16/05/07 19/01/07 21/09/07 24/05/07 PB(lf)26 42 2024 5 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
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