20230518_湘财证券_中药行业20222023Q1业绩分析：2023Q1业绩表现突出有望由政策驱动转向政策业绩双驱动_20页.pdf
2023Q1 业绩 表现 突 出，有 望由 政 策驱动 转向 政 策业 绩 双 驱动 行业评级：增持%1 3 12 5 13 26 3 11 26 300 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 2022 2023Q1 2022 29111.4 1.6%4288.7 31.8%41.66%5.06 2023Q1 6740.9 3.3%892.2 19.9%41.77%2022 2023Q1 2023 2023 2023Q1 2022 24463.67 9.96%2292.42 2.63%34.78%9.88%68.25%57.82%2023Q1 6291.81 2.23%584.61 26.15%33.24%9.86%65%62%2022 2023Q1 2022 2023Q1 2023Q1 14.68%52.84%2022 20%12%50%0 27%20%36%50%15%42%2023Q1 20%36%50%7%22%20%55%50%20%22%2023Q1-20-10 0 10 20 30 22/04 22/07 22/10 23/01 23/04 300_ _证 券研 究报告 2023 年 05 月 18 日 湘 财证 券研究 所 行 业研 究 中药 2022/2023Q1 业绩分 析 2 2023 5 12 1.64%300 3.35 31 20 13.3%OTC 1 2 YWDWvMnQmPoPtNoNtOsNpO8O9R9PpNpPnPsReRpPnQkPnMxO8OrQoRvPnMoNNZpPrO 1 1 2023Q1.4 1.1 2022 2023Q1.4 1.2 2023Q1.5 1.3.10 2.11 3.13 4.17 5.17 2 1.4 2.4 3.4 4.4 5 2022.5 6.5 7.5 8.6 9.6 10 2022.6 11 2022.6 12 2023Q1.7 13 2023Q1.7 14 2022.8 15 2022.8 16 2022.9 17 2022.9 18 2023Q1.9 19 2023Q1.9 20 2023Q1.9 21 2023Q1.9 22 2022.10 23 2022.10 24 2023Q1.10 25 2023Q1.10 26 2023 5.12.12 27 2023 300 5.12.12 28 2023 5.12.12 29 2023 5.12.12 30 2023 5.12.13 31 2023 5.12.13 32 300 5.12.14 33 PE.14 34 PB.14 35 PE.14 36 PB.14 37 PE.15 38 PB.15 39 PE.15 3 40 PB.15 41 PE.15 42 PB.15 43 PE.16 44 PB.16 45 PE.16 46 PB.16 47 PE.16 48 PB.16 1 2022.7 2 2023Q1.8 3 2022 20.11 4 2023Q1 20.11 5 2023 5.12.13 4 1 2023Q1 1.1 2022 2023Q1 2022 29111.4 1.6%4288.7 31.8%41.66%5.06 2023Q1 6740.9 3.3%892.2 19.9%41.77%2022 2023Q1 1 2(20)(10)0 10 20 30 40 50 0 5000 10000 15000 20000 25000 30000 35000 17-02 18-02 19-02 20-02 21-02 22-02 23-02%(40)(20)0 20 40 60 80 100 120 0 10000000 20000000 30000000 40000000 50000000 60000000 70000000 17-02 18-02 19-02 20-02 21-02 22-02 23-02%Wind Wind 3 4 20 25 30 35 40 45 50 17-02 18-02 19-02 20-02 21-02 22-02 23-02%38 39 40 41 42 43 17-02 18-02 19-02 20-02 21-02 22-02 23-02%Wind Wind 2022 2022 1.5%0.5%5 2022 CDMO 5.6%5.5%5 2022-40%-30%-20%-10%0%10%20%2022 2022 2023 2023 1.2 2023Q1 ST B 2022 24463.67 9.96%2292.42 2.63%34.78%9.88%68.25%57.82%20%25%20%36.51%6 7(10)(5)0 5 10 15 20 25 30 35 40 0 5000 10000 15000 20000 25000 15-03 16-03 17-03 18-03 19-03 20-03 21-03 22-03 23-03%-40-20 0 20 40 60 80 0 500 1000 1500 2000 2500 15-03 16-03 17-03 18-03 19-03 20-03 21-03 22-03 23-03%Wind Wind 6 8 9 25 27 29 31 33 35 37 67891011121315-03 16-03 17-03 18-03 19-03 20-03 21-03 22-03 23-03%14 16 18 20 22 24 26 15-03 16-03 17-03 18-03 19-03 20-03 21-03 22-03 23-03%Wind Wind 2023Q1 6291.81 2.23%584.61 26.15%33.24%9.86%65%62%20%33%20%44%2022 2023Q1 2022 2023Q1 2023Q1 10 2022 11 2022 Wind Wind 0 5 10 15 20 25 30 35 50(20,50(10,20 0,10 50(20,50(10,20 0,10 0%7 12 2023Q1 13 2023Q1 Wind Wind 2022 2023Q1 2022 2023Q1 2023Q1 14.68%52.84%1.57 46.79%3.77 14.79%1 2022 2022 9.96%2.98%2.63%18.68%-1.36%3.74%0.19%34.78%-0.81%9.88%-0.67%3.76%0.59%-0.65%28.30%-2.75%7.00%0.12%46.27%-2.14%9.26%-0.29%7.73%-23.51%-24.37%24.73%1.85%8.63%1.38%57.20%-3.48%20.06%-8.19%33.40%37.90%41.03%16.60%-3.30%4.07%0.35%40.40%-0.38%15.76%0.51%21.89%18.90%18.23%16.36%-2.35%7.14%0.21%55.33%-1.84%26.59%-0.67%8.62%-5.17%-6.56%9.55%-0.01%0.32%0.00%13.33%0.07%2.36%-0.34%4.92%-11.60%-11.76%29.48%-1.05%2.77%0.10%44.65%-0.63%8.87%-1.66%Wind 0 5 10 15 20 25 30 35 50(20,50(10,20 0,10 50(20,50(10,20 0,10 0%8 2 2023Q1 2023Q1 2.23%-25.55%-26.15%18.50%0.66%3.37%0.30%33.24%-3.89%9.86%-3.68%5.84%3.98%2.91%27.51%-1.05%6.31%0.47%46.81%-0.67%11.05%-0.20%3.32%-15.25%-13.46%22.52%0.09%8.15%1.42%54.59%-4.36%21.92%-4.80%0.59%-1.42%1.13%18.24%0.87%4.25%0.69%39.64%-0.29%15.39%-0.31%-43.11%-71.03%-70.77%21.67%8.22%9.04%3.99%51.83%-10.78%19.51%-18.81%15.47%24.86%23.25%8.93%-0.25%0.29%0.01%12.82%-0.09%2.69%0.20%14.68%53.85%52.84%27.74%0.24%2.05%-0.16%46.79%1.57%14.79%3.77%Wind 2022 6 20%20%13 2023Q1 20%43.2%20%35.8%20%55.22%13 14 2022 15 2022 Wind Wind 0 10 20 30 40 50 60 70 80 90 100%0 10 20 30 40 50 60 70 80 90%9 16 2022 17 2022 Wind Wind 18 2023Q1 19 2023Q1 Wind Wind 20 2023Q1 21 2023Q1 Wind Wind 2022 2023Q10 20 40 60 80 100 120%0 20 40 60 80 100 120%0 10 20 30 40 50 60 70 80 90%0 10 20 30 40 50 60 70 80 90%0 20 40 60 80 100 120%0 20 40 60 80 100 120%10 2023Q1 1.3 2022 20%12%50%0 27%20%36%50%15%42%2023Q1 20%36%50%7%22%20%55%50%20%22%2023Q1 22 2022 23 2022 Wind Wind 24 2023Q1 25 2023Q1 Wind Wind 0 5 10 15 20 25 30 35 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 2022 20 11 2023Q1 10 3 2022 20 603439.SH 27.94%29.16%32.18%71.74%15.98%51.34%1.49%002603.SZ 23.88%75.67%75.75%63.77%18.81%31.05%8.23%300181.SZ 23.86%48.72%52.17%70.57%15.82%51.33%3.57%600211.SH 19.45%76.16%76.99%94.26%14.69%60.51%3.45%600557.SH 19.25%36.25%35.54%72.10%10.16%47.08%13.92%000999.SZ 18.01%20.00%19.64%54.02%13.81%33.97%3.29%600566.SH 17.90%26.47%26.27%82.91%24.14%48.81%6.15%002728.SZ 16.94%40.41%40.41%49.04%20.10%22.31%4.29%600771.SH 16.44%25.70%26.08%65.33%-42.01%97.33%2.91%002349.SZ 15.85%51.68%32.07%46.73%13.50%24.54%5.53%002198.SZ 14.70%2874.05%2874.05%65.33%6.66%52.99%2.33%Wind 4 2023Q1 20 300534.SZ 436.25%3840.58%3176.77%65.43%9.89%50.66%1.93%603439.SH 119.92%167.25%131.49%72.40%15.30%52.90%1.44%002728.SZ 56.50%130.96%130.96%62.83%34.68%17.90%3.35%603567.SH 52.67%61.21%60.87%44.30%16.60%22.66%0.92%002424.SZ 47.77%40.36%41.81%60.20%8.41%43.46%1.50%002737.SZ 47.31%85.81%85.30%59.56%24.66%28.89%1.20%002603.SZ 44.56%148.48%148.29%64.96%30.53%22.86%4.19%600211.SH 38.22%73.34%73.59%95.56%33.69%57.79%0.49%600572.SH 33.60%148.03%179.92%65.59%15.25%45.27%2.05%600222.SH 32.69%51.78%58.07%27.39%0.59%22.23%4.32%Wind 2 2023 5 12 1.64%300 3.35 31 20 12 13.3%26 2023 5.12 27 2023 300 5.12 Wind Wind 28 2023 5.12 29 2023 5.12 Wind Wind 5 12 49%20%19%69%20%32%-20-10 0 10 20 30 40 50 60%-20-10 0 10 20 30 40 50%-15-10-5 0 5 10 15 300%-15-10-5 0 5 10 15 20%13 30 2023 5.12 31 2023 5.12 Wind Wind 5 2023 5.12%1 600750.SH 77.58 2 600129.SH 64.47 3 600211.SH 58.17 4 600329.SH 57.80 5 603998.SH 51.67 6 600422.SH 51.20 7 600557.SH 50.13 8 000989.SZ 44.49 9 002275.SZ 42.21 10 600771.SH 41.84 Wind 3 5 12 PE TTM 28.12 PB LF 3 PE TTM 32.35 PB LF 2.98 300 167.5%2023 4.34 14.67 12.81 17.36 50.83 0 10 20 30 40 50 60 50(20,50(10,20 0,10 50(20,50(10,20 0,10 0%14 32 300 5.12 Wind 33 PE 34 PB Wind Wind 35 PE 36 PB 0 10 20 30 40 50 60 70 80 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 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 PB(lf)Wind Wind 0 50 100 150 200 19/06/21 20/03/21 20/12/21 21/09/21 22/06/21 23/03/21/30028.1 32.3 33.1 25.8 19.4 22.2 30.5 0 50 100 150 200 250 300 PE(ttm)3.0 3.0 2.8 3.0 1.8 3.1 4.4 0 2 4 6 8 10 12 PB(lf)15 37 PE 38 PB 0 10 20 30 40 50 60 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 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 PB(lf)Wind Wind 39 PE 40 PB 0 10 20 30 40 50 60 70 80 90 100 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 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 PB(lf)Wind Wind 41 PE 42 PB 0 20 40 60 80 100 120 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 PE(ttm)0 2 4 6 8 10 12 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 PB(lf)Wind Wind 16 43 PE 44 PB 0 20 40 60 80 100 120 140 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 PE(ttm)0 2 4 6 8 10 12 14 16 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 PB(lf)Wind Wind 45 PE 46 PB 0 10 20 30 40 50 60 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 PE(ttm)0 1 2 3 4 5 6 7 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 PB(lf)Wind Wind 47 PE 48 PB 0 50 100 150 200 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 PE(ttm)0 5 10 15 20 25 11/01/07 13/09/07 16/05/07 19/01/07 21/09/07 PB(lf)Wind Wind 17 4 2023Q1 2023 OTC 5 1 2 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
