华泰证券发表报告指，国药控股(01099.HK) 2024年实现收入5,845亿元人民币，按年跌2%，净利润70亿元人民币，按年跌22.1%，低于市场预期。公司2024年收入/利润有所下滑，主因收入端，药品分销板块展现稳健发展韧性，零售端维稳，而器械分销板块有所下滑；利润方面，受药品集采、器械高毛利品类占比降低影响，及国大药房相关资产计提了商誉和无形资产减值，毛利率和归母净利率略有拖累。
展望2025年，该行指考虑药品分销/零售业务维稳、器械分销业务或修复，看好公司净利润实现正增长，维持“买入”评级。目标价由25.3港元降至22.54港元。(ha/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-02 12:25。)
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