2023年度医药生物（A股）上市公司市值战略研究报告

I 一、医药生物上市公司资本市场仍在下滑周期 1.1 1.1.1300 2024 20212021202443062.9%54.8%37.5%30.2%7% 202119.8%202213.7%20232.7%20244303.4%20217.5%202218.8%20238.1%20247.0%202128.8%202218.5%20233.4%20240.4%202117.4%202228.1%20238.6%202417.1%20217.5%202222.4%202324.0%202425.2%202115.8%20224.2%202312.1%20241.8% 2022430A441202343047920244 30493643337455961970145.88155.66125.70 5079.11%2024430100082%500~1000112%200~5004810%100~2008617%50~10010622%20~5018137%10~20469%1071%8939079.11% 1.1.3 1.2“高估值、低盈利”的行业特性，对未来业绩释放提出更高要求 1.2.1 = A 1.2.2 1.2.2.1 20 1.2.2.2 20 1.2.2.3 20“” 1.2.2.4 20“”“” 1.2.2.5 20“” 1.2.2.6 20“” 1.3 1.3.22023 2023115.8296.0780.70 1.3.31/3 1.3.42023 2024430-U 2111.221817.35667.69 2.1 2.1.1 2.1.2 20232.500.84%2602.95 A 2023[0,50]A5A510A650A7 2.1.3 2.1.42023 2023115.7897.0080.70 2.2A 2.2.1A 2.2.2A A2023A112,5482%A20222023A4.45A2.11<-300%>300%A4.70A2.38 2.2.3A 20231,87823.6%20228.1%2021202339%49%50%21%16% A202323.6%A7.6%1.17%A2.69202211.24-4.48%>300%<-300%A2.0520226.32A 2.2.4A 20231,69420.6%2022-5.0%2021202336%49%50%27%18% A202320.6%A3.6%0.54%A0.03 -0.98%>300%<-300%A1.9920225.456.08 2.2.52023 2023A2639%1344%1277% 2.3A 2.3.1A A2023ROEA0.732022A1.21A0.522022A1.58ROE21%A22%ROE>20%A5% 2.3.2A A2023ROICA0.562022A1.13A0.462022A1.94ROICE21%A22%ROIC>20%A3% 2.3.32023ROE 2023STROE778.61%71.93%35.60% 2.4A 2.4.1A 202350.56%51.25%50%20221.570.5350%53%51% A2023A25.2722.79A240%-50%A10%-20%50%51%A13% 2.4.2A =20238.05%2.377.38%3.352022202310%51%44%30%12%7% A2022A3.8859%A4.7479%2023A2.7552%A3.1173%2023A10%A13%30%A4% 2.4.3 A2023A2.1351%A1.5521%A2022A1.471.142023A202310%A17%30%A7% """"5%""20202%""202510%2020 2.4.4 202320.28%20221.9221.79%20220.29 2023A16.76477%A14.36193%202310%A45%30%A24% 202313.9512.82A0.69 2.4.52023 202350.8%46.1%45.7% 2.4.62023 2023-U51209%13265%-U3876% 2023-U128.1349.5443.46 2.5A 2.5.1A 20230.4120220.060.4720220.07202220230.555%64% A2023A0.08A0.090.5A13%1A4% 2.5.2A 20230.7320220.120.8220220.1420222023169%82%0.620%37% A2023 A0.03A0.062022A2023A 2.5.32023 20233.812.832.66 2.6 2.6.1A 20231.5420220.125.1220220.64 A2023A0.0720220.42A2023A3%20A2% 2.6.2A =+1.2~1.5/1.0620220.051.1820220.07202220239%7%1.237%41% A2023A0.05A0.022022A0.060.01A 2.6.32023 2023A128.0132.6621.13 2.7 2.7.1A 2.7.22023 3.1 3.1.2 202326253.14%835651 3.1.2.1 1 2 Y+ 202024YP202024-210Y42% 202094Y B GLP-120231012GLP-1BGM05049176 BGM0504 J 202217iHealthOmicronCT21.59100%100% 115100%CT21.59CT60% ME 2022317eSM1SM2SM1SM2 20223252022100%CDMO100%328426 e 3.1.2.2 1 2 H 20133HCD HHHH CD1.4560304304 K 201511201810KZKK30% 3.1.2.3 1 / (2 H HH760339533951.02 G G2016217101.515 4467020173 3.1.2.4 1 2 3 5% 4 3.2 2021-202320235.1%2023202250.77%8.022021-2023 AAAA202350.77%A11.95% 20231.6%20238.905.81 A2.8%2021A2.6%2022A2023AA2023A30.03%34.72% 2021-20233.6%1.4%61.11%202328.3239.71 AA2021-2023A7.8%6.0%23.08%A202335.60%40.22% 2021-202325.1%20.2%10.2% 2021-202313412659 AA2023A9.4%10.2%48.35%49.50%2023202253.17%A20221183202357051.82% 2021-20230.47%0.64%0.41%202332 AA2021-20230.50%0.60%0.60%20232021-2023A233034 2021-20231.90%1.06%0.41%852 A2021-2023A1.20%1.10%0.80%2022AA5620234519.64%202360%A 3.3 2021-202333534236667.95%69.37%74.24%0.390.420.431.401.621.68 A2021-2023A63.85%64.94%72.53%A0.230.250.32 2021-202326.10%30.14%36.04%26.96%30.14%36.04%30%~40%29%40%~50%14% A2021-2023A23.86%30.00%35.29%A2023A30%~40%27%40%~50%13% 2021-20230.62%0.62%0.72%202310%202374% A2021-2023A0.54%0.54%0.66%2023A10%202372% 2021-20233033417.1%7.0%8.3%/1810164.30%2.10%3.30%2023 A2021-2023A2513113865.5%6.2%7.2%A/192143171A4.20%2.90%3.20% 2023/A 3.3.52023 70.3237.0628.82 3.4A 2021-202358.77%63.48%67.48%2021-2023A5096677876109.51213 AA2021-2023A65.62%69.64%74.14%AA2021-2023A91111 -2021-2023A13821912245850.00%53.72%58.74%41%-202126%202335%202341%35%-13%+10% 2021-202356.49%59.47%62.61%202139%202335%-202128%202333% 2021-202350%54%59% 38.6%30.9%24.8% 2021-202352%55%57%202354.3%34.9%31.2% 2021-202339%37%42%27.5%30.9%24.8% 2021-202342%41%42%24.6%34.9%31.2% 3.5 2021-202350%46%67%1.2%1.4%1.0%2023 2021-202341%39%56%0.9%0.9%0.8% 2021-2023100%100%99%202333.9%34.8%37.4% 2021-2023100%35.1%35.0%34.1%2023 QFII2021-202397%99%98%95%99%98%QFII20%23%16%16%20%21% QFII202398%202193%202396%QFII202121%202318%202117%202321% QFII2021-20235.7%7.4%9.7%1.8%2.8%4.6%QFII0.7%0.9%0.9%1.7%1.7%1.6% QFII4.4%5.8%20211.3%20232.5%QFII0.8%20221.7% 20231.6% 20230.83 3.5.4 2021-20230.610.600.37 20212024 = 20%80% IPO 20132013 IPOFTO SAAS 199712 400IPO