招商证券国际：升华润医药目标价至6.3港元 评级“增持”

招商证券国际发布研报称，华润医药（03320）2025年制药业务部分实现收入510亿元人民币（下同），同比增长10.2%。
A招商证券国际 released a research report stating that China Resources Pharmaceutical (03320) will achieve revenue of 51 billion RMB in its pharmaceutical business in 2025, a year-on-year increase of 10.2%.
其中中药板块保持双位数增长，为年增13.0%，中药收入274亿元，中药处方药增速26.8%，远超OTC的5.6%，受益于天士力并表及心脑血管品种放量的结构性改善，这一趋势在今年有望延续。
The traditional Chinese medicine sector maintains double-digit growth, with an annual increase of 13.0%. Revenue from traditional Chinese medicine is 27.4 billion RMB, while the growth rate of traditional Chinese medicine prescription drugs is 26.8%, far exceeding the 5.6% of OTC, benefiting from the consolidation of Tian Shili and the structural improvement in the release of cardiovascular products. This trend is expected to continue this year.
招商证券国际小幅提升对集团今明两年的盈利预测，目标价由5.9港元升至6.3港元，对应2026预测估值不足10倍，仍然具有吸引力；评级“增持”。
招商证券国际 slightly raised its earnings forecast for the group for this year and next, increasing the target price from 5.9 HKD to 6.3 HKD, corresponding to a forecast valuation of less than 10 times for 2026, which is still attractive; rating “Buy”.

该行指，管理层未给出具体2026财年收入或利润数字指引，但在业绩会上传递以下定性信号：
The bank indicated that the management did not provide specific revenue or profit guidance for the 2026 fiscal year, but conveyed the following qualitative signals during the earnings conference:
1）2026财年报告期争取收入实现高个位数增长、净利润实现较好增速；

1. For the 2026 fiscal year, they aim for revenue to achieve high single-digit growth and net profit to achieve good growth;

2）分红率维持30%水平，若无重大并购则考虑提升分红比例，参考A股上市公司分红率向30%以上；
2) The dividend payout ratio will be maintained at 30%. If there are no major acquisitions, they will consider increasing the dividend ratio, referencing the dividend payout ratio of A-share listed companies to over 30%;
3）减值压力2025年会大幅减小；
3) Impairment pressure will significantly decrease in 2025;

4）血制品并购思路延续：选择合适时间、地点、价格完成行业整合，进入血制品赛道具有强战略性。
4) The idea of acquiring blood products continues: to choose the right time, place, and price to complete industry consolidation, entering the blood product sector has strong strategic significance.

（责任编辑：董萍萍 ）
(责任编辑: Dong Pingping)

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