金吾财讯 | 中信建投发研报指，同仁堂国药(03613)2024年上半年实现收入6.65亿港元，同比下滑18.2%，实现归母净利润2.20亿港元，同比下滑17.4%，公司业绩短期承压，主要由于香港及澳门零售市场疲软，居民及旅客消费力较弱，销售收入出现大幅下滑。下半年随着香港地区消费环境逐步改善、海外地区保持平稳增长、叠加内地市场持续放量，整体业绩有望逐步恢复，该行看好公司下半年经营稳步恢复。该行认为，公司作为同仁堂集团海外业务运作平台，经营趋势有望逐步向好，叠加公司积极深化营销体系改革，业绩有望逐步实现恢复性增长；该行预计公司2024-2026年实现营业收入分别为15.79亿港元、17.47亿港元和19.34亿港元，归母净利润分别为5.51亿港元、6.16亿港元和6.86亿港元，折合EPS（摊薄）分别为0.66港元/股、0.74港元/股和0.82港元/股，同比增长分别为2.0%、11.7%、11.5%，对应PE分别为11.4x、10.2x及9.2x，维持“买入”评级。
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