三生製藥 (1530 HK) 公司研報另外, 公司與阿斯利康達成協議購入 Byetta Bydureon single dose tray Bydureon dual chamber pen 及 Bydureon auto-injector 在中國商業化的獨家權利公司藉此進入糖尿病領域, Bye

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產品根據 IMS 資料, 截止 1Q16, 用於治療血小板減少症的特比澳在中國的市場份額升至 44.4% 益賽普則於腫瘤壞死因數 α 抑制劑產品市場佔據主導地位, 於 1Q16 佔據中國市場 64.0% 份額另外, 公司憑藉兩種重組人促紅素 (rhepo) 產品益比奧及賽博爾在中國 rhepo 市場位居前列, 占總市場份額的 43.

1 機構股票研究三生製藥 (1530.HK) 快速擴張仍可期香港醫藥公司研報主要產品市場份額領先同業三生製藥是內地生物醫藥領域的領軍企業之一, 產品覆蓋腫瘤科腎科自身免疫科和皮膚科四大領域 2015 年, 以營業額計, 公司於內地百家醫藥公司中排名 85, 並為入選公司中唯一的生物醫藥公司目前, 公司三大核心產品特比澳益賽普及益比奧均為中國市場領先的產品特比澳為全球唯一商業化的重組人血小板生成素 (rhtpo) 產品根據 IMS 資料, 截止 1Q16, 用於治療血小板減少症的特比澳在中國的市場份額升至 44.4% 益賽普則於腫瘤壞死因數 α 抑制劑產品市場佔據主導地位, 於 1Q16 佔據中國市場 64.0% 份額另外, 公司憑藉兩種重組人促紅素 (rhepo) 產品益比奧及賽博爾在中國 rhepo 市場位居前列, 占總市場份額的 43.7% 快速擴張仍可期截止 2015 年, 公司過往三年營收複合增速 36.6%, 淨利潤增速 73.0% 2016 年上半年, 營收繼續大增 65.2%, 淨利潤儘管僅增長 18.6%, 但主要是收購中信國健後財務費用及研發費用等大幅增加剔除此等因素後, 公司淨利潤實際仍大增 46% Performance of 3SBio (CNY: mn) 買入 ( 首次 ) 16 November 2016 現價 : HKD7.68 ( 現價截至 11 月 14 日 ) 目標價 : HKD10.00 (+30%) 公司資料普通股股東 ( 百萬股 ) : 2,532 市值 ( 港幣百萬元 ) : 19, 周最高價 / 最低價 ( 港幣 ) : 11.48/ 6.93 主要股東, % CS Sunshine Investment: Decade Sunshine: 股價表現, % 1 個月 3 個月 1 年三生製藥恒生指數股價 & 恒生指數 Source: Phillip Securities (HK) Research Source: Company reports, Phillip Securities (HK) Research 我們對於公司未來前景仍持樂觀態度首先, 公司的傳統品種仍有望快速增長特比澳於內地沒有競爭對手, 降價壓力低, 未來仍將持續增加覆蓋醫院的數量和增強已覆蓋醫院的覆蓋深度, 預計可維持快速增長其次, 外延收購品種前景亦值樂觀目前中國單克隆抗體的滲透率較全球低, 益賽普是第一個上市的單抗產品, 也是國內第一個被市場接受的國產依那西普的生物類似藥, 已形成較為穩定的市場格局, 基於病人長期注射需求及相比於進口品種的價格優勢, 我們相信益賽普市場空間仍廣闊財務資料 CNY mn FY14 FY15 FY16E FY17E Net Sales Net Profit EPS, CNY PER, x BVPS, CNY P/BV, x ROE, % Debt/Equity (%) Source: Company reports, Phillip Securities Est. 研研研研研笵國國 ( ) fanguohe@phillip.com.cn Page 1 PHILLISECURITIES (HK) RESEARCH

2 三生製藥 (1530 HK) 公司研報另外, 公司與阿斯利康達成協議購入 Byetta Bydureon single dose tray Bydureon dual chamber pen 及 Bydureon auto-injector 在中國商業化的獨家權利公司藉此進入糖尿病領域, Byetta 已列入 9 個省份的報銷名單, Bydureon 有望成為首個於中國上市的 GLP 緩釋製劑, 或將成為公司新的成長動力產品儲備儲備豐富公司擁有 38 種在研藥物, 其中 20 種國家一類新藥, 單抗 13 種, 凸顯其新藥儲備豐富目前重點的在研產品有包括 NuPiao 和 PEG-EPO( 第二代 RhEPO 產品 ), 具有更高的糖基化程度, 更長半衰期單抗藥物方面, 賽普汀 ( 曲妥珠單抗的仿製藥 ) 已通過 3 期臨床, 有望在 2017 年上市健妥昔 ( 利妥昔單抗的仿製物 ) 則要做一個補充性的研究, 預計 2018 年上市公司將在主流單抗產品上都有所佈局, 爭取未來每年有一個新產品上市基於公司內生及外延收購品種均具備良好成長性, 在研藥物還將支撐中長期發展, 我們預期公司將實現每年 20% 以上的成長給予其對應 2017 年每股收益 22 倍估值, 目標價為 10 港元, 首予買入評級 ( 現價截至 11 月 14 日 ) Historical P/E Valuation Source: Bloomberg, Phillip Securities (HK) Research 風險市場擴張不及預期 ; 新藥研發風險 Page 2 PHILLISECURITIES (HK) RESEARCH

3 三生製藥 (1530 HK) 公司研報財務報告 FYE F 2017F Valuation Ratios Price Earnings Price to Book Per share data(rmb)) EPS Adjusted Book Value Per Share Growth& Margin Revenue growth % 48.0% 73.3% 26.5% Gross Profit growth % 37.2% 72.4% 26.3% Net Profit growth % 80.4% 33.0% 42.1% Profitability Ratios Gross Margin 90.5% 92.3% 85.5% 85.1% 85.0% Net Profit Margin 11.0% 25.8% 31.5% 24.1% 27.1% Key Ratios Return on Assets 7.0% 16.3% 11.8% 9.9% 12.4% Return on Equity 7.9% 29.1% 16.1% 11.7% 14.6% Effective Tax Rate 54.0% 19.0% 10.5% 14.0% 14.0% Liability ratio 14.7% 59.1% 15.0% 15.0% 15.0% Income Statement(RMB: mn) Revenue 875 1,131 1,673 2,900 3,668 - Cost of Goods Sold Gross Income 792 1,043 1,431 2,468 3,118 - Selling, General & Admin Ex ,647 2,017 Operating Income ,056 - Interest Expense Net Non-Operating Losses (G Pretax Income ,156 - Income Tax Expense Income Before XO Items Net Profit Source: Company, Phillip Securities (HK) Research Estimates ( 財務資料截至 11 月 14 日 ) Page 3 PHILLISECURITIES (HK) RESEARCH

4 PHILL 三生製藥 (1530 HK) 公司研報 PHILLIP RESEARCH STOCK SELECTION SYSTEMS Total Return Recommendation Rating Remarks >+20% Buy 1 >20% upside from the current price +5% to +20% Accumulate 2 +5% to +20%upside from the current price -5% to +5% Neutral 3 Trade within ± 5% from the current price -5% to -20% Reduce 4-5% to -20% downside from the current price <-20% Sell 5 >20%downside from the current price 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. 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5 PHILL 三生製藥 (1530 HK) 公司研報 SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 250, North Bridge Road #06-00 Singapore Tel : (65) Fax : (65) Website: HONG KONG Phillip Securities (HK) Ltd Exchange Participant of the Stock Exchange of Hong Kong 11/F United Centre 95 Queensway Hong Kong Tel (852) Fax (852) Websites: INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A Jakarta Indonesia Tel (62-21) Fax (62-21) Website: THAILAND Phillip Securities (Thailand) Public Co. Ltd 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok Thailand Tel (66-2) / Fax (66-2) Websitewww.phillip.co.th UNITED KINGDOM King & Shaxson Capital Limited 6th Floor, Candlewick House, 120 Cannon Street, London, EC4N 6AS Tel (44-20) Fax (44-20) Website: MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, Kuala Lumpur Tel (603) Fax (603) Website: JAPAN PhillipCapital Japan K.K. Nagata-cho Bldg., 8F, Nagata-cho, Chiyoda-ku, Tokyo Tel (81-3) Fax (81-3) Website: CHINA Phillip Financial Advisory (Shanghai) Co. Ltd No 436 Hengfeng Road, Greentech Unit 604, Postal code Tel (86-21) Fax (86-21) Website: FRANCE King & Shaxson Capital Limited 3rd Floor, 35 Rue de la Bienfaisance Paris France Tel (33-1) Fax (33-1) Website: UNITED STATES Phillip Futures Inc 141 W Jackson Blvd Ste 3050 The Chicago Board of Trade Building Chicago, IL USA Tel Fax AUSTRALIA PhillipCapital Australia Level 12, 15 William Street, Melbourne, Victoria 3000, Australia Tel (613) Fax (613) Website:

濟川藥業 (600566 CH) 公司研報外延並購豐富產品線濟川藥業於 2014 年底收購東科製藥 70% 股權, 該公司擁有全國獨家品種 7 個獨家劑型 5 個, 主要產品婦炎舒膠囊甘海胃康

濟川藥業 (600566 CH) 公司研報外延並購豐富產品線濟川藥業於 2014 年底收購東科製藥 70% 股權, 該公司擁有全國獨家品種 7 個獨家劑型 5 個, 主要產品婦炎舒膠囊甘海胃康機構股票研究濟川藥業 (600566.CH) 兒童藥市場將支撐高速增長中國醫藥公司研報 19 August,2016 上半年業績大幅增長 2016 年上半年實現營收 23.5 億元, 同比增長 25.7%, 扣非後歸母淨利潤 4.2 億元, 同比增長 37.8%, 基本每股收

三生製藥 (1530 HK) 公司研報 另外, 公司與阿斯利康達成協議購入 Byetta Bydureon single dose tray Bydureon dual chamber pen 及 Bydureon auto-injector 在中國商業化的獨家權利 公司藉此進入糖尿病領域, Bye

三生製藥 (1530 HK) 公司研報另外, 公司與阿斯利康達成協議購入 Byetta Bydureon single dose tray Bydureon dual chamber pen 及 Bydureon auto-injector 在中國商業化的獨家權利公司藉此進入糖尿病領域, Bye