2 Jun 2022 Page | 1 于本月本人更新了華潤醫藥的公司報告。 研究部五月研究報告回顧 Hong Kong | INVESTNOTES REPORTS REVIEW 行業： 醫藥，能源，科技（魏書咏） 醫藥，能源，科技（魏書咏） 華潤醫藥公佈2021年全年業績，公司實現總收入2,368.06億港元，同比增長18.2%，主要得益於疫情緩解，業績實現恢復性增長。尤其以醫藥分銷業務對於收入增長貢獻佔比最大。整體淨利潤達到66.47億港元，同比增長24.9%；歸屬於母公司所有者淨利潤37.69億港元，同比增長14.3%。 製藥業務收入386.1億港元，同比增長19.9% 主要由於受疫情緩解影響及外延並購帶動，自我診療（CHC）板塊、處方藥板塊及生物藥板塊收入均實現增長。2021 年製藥毛利率為57.6% 同比下降2.9個百分點，主要由於帶量採購和產品結構等因素影響。從產品類別來看，其中化藥、中藥貢獻的收入佔比較大，分別為41.6%和49.4%。公司持續佈局高增長賽道，孵化新的產業化機會，不斷優化業務結構，提升核心競爭力。 分銷業務收入1,991.3億港元，同比增長17.9%， 毛利123.6億港元，毛利率6.2%，同比下降0.9個百分點，主要原因是疫情緩解，毛利率水準較高的防疫物資出口業務收入減少。公司醫療終端覆蓋力持續提升，努力打造效率與安全的醫藥綜合物流網路，不斷增強核心競爭優勢。公司持續大力推進醫療器械分銷業務的專業化發展，建設全國專業平臺和專業服務公司，提升創新服務能力。同時，推進數字化轉型進程，搭建了專病/罕病精准醫療垂直運營服務體系“潤小醫”服務平臺。“潤藥商城”B2B線上平臺交易額穩健增長，覆蓋範圍廣泛至全國28個省份。 零售業務收入76.1億港元，同比增長17.6%，主要得益於高 值 藥 品 直 送(DTP)業務收入增速較快；毛利6.96億港元，毛利率9.2%, 同比下降1.1%，主要由於毛利率較低的DTP業務收入比重上升。DTP業務收入為人民幣43.2亿元，佔零售板塊收入68.4%，同比增長12.7% 。公司積極佈局DTP等專業“雙通道”資質藥店，打造高品質、一體化的零售藥房運營平臺，推進線上線下一體化數字化零售2C平臺。 我們認為疫情反覆不確定性，多樣的集採政策給企業帶來挑戰和外部合作效果不及預期會是公司未來的風險因素。 Review Report Page | 2 Fig 1.本月推薦公司股票一覽 A股公司價格以人民幣計算 Source: Phillip Securities Research hZiZkWcXlUbWiZqQuMnMoO6MbP7NsQmMnPoMkPpPsMlOoOyQ7NoPnRvPsOpQxNqRpNReview Report Page | 3 PHILLIP RESEARCH STOCK SELECTION SYSTEMS We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERAL DISCLAIMER This publication is prepared by Phillip Securities (Hong Kong) Ltd (“Phillip Securities”). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Securities has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in this publication are based on such information and are expressions of belief only. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a financial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. This publication should not be relied upon as authoritative without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products which may be described in this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discuss