金吾财讯 | 建银国际研报指，华润医药(03320)2024年下半年销售额同比仅增长5.9%，至1291亿元人民币，低于该行预计的1345亿元人民币。受原料药（API）价格波动影响，化学药品销售疲软，制造业销售额同比增长7.5%，至225亿元人民币，低于该行预计的239亿元人民币。医疗器械业务增长放缓后，分销业务销售额同比增长6.0%，至1073亿元人民币，低于该行预计的1104亿元人民币。由于营收增长慢于预期，2024年下半年销售及分销费用和管理费用略有上升，这使得净利润同比增长4.9%，至29亿元人民币，低于该行预计的30亿元人民币。该行指，预计2025财年将有所复苏。鉴于预计化学药品制造业务需求将减弱，且带量采购定价将继续对分销业务利润率造成拖累，该行将2025至2026财年的销售预测下调了4.9%。因此，该行将2025至2026财年的每股收益（EPS）预测下调了5.2%，并将目标价从6.40港元下调至5.90港元。该行的目标价对应2025财年7.7倍的市盈率，与该公司过去两年的历史平均水平一致。维持“跑赢大市”评级。
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