建银国际发布研报称,华润医药(03320)2024年下半年销售额只同比增长5.9%,达到129.1亿元人民币,低过该行预期,下调对公司今明两年销售预测4.9%,降今明两年的每股盈利预测5.2%,至0.69元人民币及0.77元人民币,将目标价由6.4港元降至5.9港元,维持“跑赢大市”评级。
报告指,公司制造销售额同比增长7.5%,达到22.5亿元人民币,低于该行预期,原因是化学药品销售疲软,这受到API价格波动的影响。分销销售额同比增长6%,达到107.3亿元人民币,低于该行预期,因为医疗器械业务放缓。零售销售额同比增长2.1%,达到5.2亿元人民币,低于该行预期,因为强劲的DTP(直接面向患者)增长能够抵销实体零售业务的疲软。
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