20230608_德邦证券_中特估系列专题（中药行业）：乘国企改革东风中药中特估主线价值凸显_21页.pdf

0 S0120521080001 chentl S0120522100005 liuchuang|2023 6 8 S0120521110001 chenjing3 S0120522080001 zhangjun6 1+1 22 3 2 A 74 22.97%50%22 3 Top5 1845 1312 1 2 0YDWxOqNsRnMtNpMsPtMnM9P8QbRtRoOtRsRkPoOoQkPrRwO7NpOrRMYqMwPNZsOwP2+CONTENTS3A 489 70 14.31%74 17 22.97%5758 5707 50%wind 2023 5 19 489743553120160477017 14 8 92110%10%20%30%40%50%0100200300400500600企业总数 国企数量 国企占比74,001 11,944 4,427 11,923 16,098 19,068 10,542 12,626 5,758 2,218 2,150 809 1,656 34 0%10%20%30%40%50%60%010,00020,00030,00040,00050,00060,00070,00080,000企业总市 值 国企市值 国企市值 占比71,030 11,862 4,034 10,216 16,071 18,731 10,118 12,171 5,707 1,825 2,150 809 1,645 34 0%10%20%30%40%50%60%010,00020,00030,00040,00050,00060,00070,00080,000总流通市 值 国企流通 市值 国企流通 市值占 比4 1312 5758 1845 1312 341 wind 2023 5 19 63%32%28%43%37%54%52%45%15%22%21%30%38%28%62%23%37%6583321781453411,845813529193 18717187 8459 6935 330200400600800100012001400160018002000华润三九 东阿阿胶 昆药集团 江中药业 太极集团 片仔癀 同仁堂 白云山 广誉远 红日药业 康恩贝 中恒集团 精华制药 千金药业 佛慈制药 太龙药业 陇神戎发 国资股东 持股比 例 其他股东 持股比 例5 2018 2022 1674.77 5.46%1810.82 3.06%2022 wind/-10%-5%0%5%10%15%20%25%30%35%40%050010001500200025002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022中药国企 营业收 入（亿 元）中药民企 营业收 入（亿 元）国企YOY 民企YOY-300%-200%-100%0%100%200%300%400%-150-100-500501001502002503002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022中药国企 归母净 利润（亿元）中药民企 归母净 利润（亿元）国企YOY 民企YOY/6 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022600129.SH 340.8 112.1 121.5 140.5 0.7-5.2 3.5 40.4%42.5%45.4%0.6%-4.3%2.5%600422.SH 177.6 77.2 82.5 82.8 4.6 5.1 3.8 43.8%41.3%41.5%5.9%6.2%4.6%000423.SZ 331.7 34.1 38.5 40.4 0.4 4.4 7.8 55.0%62.3%68.3%1.3%11.4%19.3%600750.SH 144.9 24.4 28.7 38.1 4.7 5.1 6.0 65.4%64.3%64.8%19.4%17.6%15.6%000999.SZ 658.2 136.4 153.2 180.8 16.0 20.5 24.5 62.5%59.7%54.0%11.7%13.4%13.5%600436.SH 1,845.2 65.1 80.2 86.9 16.7 24.3 24.7 45.2%50.7%45.6%25.7%30.3%28.4%002349.SZ 83.6 12.8 13.6 15.7 1.1 1.6 2.1 48.3%46.6%46.7%8.7%11.8%13.5%002644.SZ 68.7 6.7 8.2 10.2 1.1 0.9 1.1 24.8%27.3%28.1%16.2%11.4%10.4%300026.SZ 187.5 64.9 76.7 66.5 5.7 6.9 6.2 56.5%57.9%57.7%8.8%9.0%9.4%600085.SH 813.1 128.3 146.0 153.7 10.3 12.3 14.3 47.0%47.6%48.8%8.0%8.4%9.3%600479.SH 58.9 36.3 36.6 40.3 3.0 3.0 3.0 44.0%44.5%43.1%8.2%8.2%7.5%300534.SZ 33.4 2.5 2.9 4.1 0.0-0.1 0.3 32.6%32.1%39.6%0.7%-3.2%6.2%600572.SH 170.7 59.1 61.5 60.0 4.5 20.1 3.6 65.4%64.4%59.3%7.7%32.7%6.0%600332.SH 528.5 616.7 690.1 707.9 29.2 37.2 39.7 16.9%19.2%18.8%4.7%5.4%5.6%600252.SH 87.3 36.8 31.6 27.1 5.6 3.1 0.8 78.3%74.4%59.4%15.3%9.7%2.9%600222.SH 34.8 14.2 16.0 19.6 0.3 0.1-0.7 26.5%28.9%24.1%2.1%0.4%-3.7%600771.SH 192.9 11.1 8.5 9.9 0.3-3.2-4.0 71.2%61.2%65.3%2.9%-37.0%-40.1%wind 2023 5 19 7+CONTENTS8 wind 002644.SZ 2023 5()100%30%600085.SH 2023 2 0.3 600422.SH 2022 12 28%600129.SH 2021 4 29.82%600572.SH 2020 7 20%2023 4 2.9 7.84%2022 1 25%2021 12 16.8 42%2020-2023 9 wind 600436.SH 2021 12 2022 6 600129.SH 2021 5 2021 5 600422.SH 2023 1 2023 1 000423.SZ 2023 3 2022 1 600750.SH 2022 6 2022 3 2021 12 000999.SZ 2021 12 2022 1 600332.SH 2020 1 002644.SZ 2022 4 300026.SZ 2023 3 600085.SH 2021 12 2021 12 600479.SH 2023 3 2020 11 300534.SZ 2023 3 2022 5 2020 12 600572.SH 2021 9 2020 7 600252.SH 2022 7 2021 11 600222.SH 2022 2 600771.SH 2023 1 2023 1 2022 9 OTC 10/wind 000999.SZ 2022 12 29 28%2020 12 1.9 100%2020 1 14.2 100%600422.SH 2020 12 0.3 6.98%D3 2019 12 0.06 100%600436.SH 2020 7 0.4 51%000423.SZ 2022 10 0.4 20%2022 7 1.8 100%600750.SH 2021 9 2.2 51%002644.SZ 2022 12 0.51 51%300026.SZ 2020 1 0.6 25%300534.SZ 2023 2 2.6 70%600572.SH 2022 10 2.2 66%2022 9 3558 100%600252.SH 2021 6 2.97 99%2021 9 2.4 80%600479.SH 2022 10 3 6%600222.SH 2022 12 2.16 54%11 wind 1 2 3 000999.SZ 2022-2024 284 1%10.15%10.16%10.17%2020 10%10%10%0.69 0.70 0.72600252.SH 2022-2024 250 1.44%2020 21%33%46%2020 16.6%26%36%30%30%30%600479.SH 2022-2024 147 3%2020 30%50%75%12%12%12%2020 20%35%50%600572.SH 2022-2024 544 2.72%2021 200%240%280%6.5%7%7.5%4.5%5%5.5%105%105%105%600750.SH 2022-2024 89 1%12.74%12.75%12.76%2020 6%6%6%2.96%2.98%3.00%600422.SH 2021-2023 9 0.34%2020 10%21%33%30%30%30%12 wind 600129.SH 2023 20%30%20%500 600750.SH 2023 000999.SZ 2023 600572.SH 2023 5 2-3 1 15 1 20%600222.SH 2023 10%600771.SH 2023 12 0.30600252.SH 2025 50 10 22 23 20%13+CONTENTS14 wind 2025 500 2022 15.7 70%5.3 89%2.9 53%2.1 67%23Q1 44.3 25.3%2.4 991.2%23 4 Q1 15.6 25.6%1.3 2022 45.4%21 3 33.0%1.7 5.3%1.4 OTC 1 2 3 23-25 7.2/9.5/13.4 15 wind 2022 OTC 22 54%14%22 69%22/6.1%10.8%600 2022 13+9%1.4+57.5%+23%+21%+29%22 1 2 23-25 6/7.5/9.5 16+CONTENTS17 1.2.3.18 2019 2018 2017 2016 2015 1.6 6 20%5%20%-5%+5%5%2.A 500 10%-10%10%10%19 20 600 N1 9+86 21 68761616+86 21 68767880400-8888-128