麗珠醫藥 (1513 HK) 公司研報 Gross margin of Livzon Pharma Source: Company reports, Phillip Securities (HK) Research 艾普拉唑或成長為重磅品種公司獨家的艾普拉唑為 1.1 類專利新藥, 已榮獲 201

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機構股票研究麗珠醫藥 (1513.HK) 艾普拉唑或成長為重磅品種香港醫藥公司研報三季度業績超預期麗珠醫藥第三季度實現營收 19.4 億元, 同比增加 9.5%, 歸屬於上市公司股東的淨利潤 2.1 億元, 同比大增 33.1%, 首九個月營收 57.2 億元, 同比增加 17.1%, 歸屬於上市公司股東的淨利潤 6.

1 億元, 增速從上半年的 51% 放緩至 34.3%, 主要是羊年導致生育意願下降的因素從去年下半年開始減弱核心品種參芪扶正同比增長約 10% 至 12.8 億元 Revenue of TCM (CNY: mn) 增持 16 December 2016 ( 維持 ) 現價 : HKD 45.40 ( 現價截至 12 月 14 日 ) 目標價 : HKD 51.96 (+14.

1 機構股票研究麗珠醫藥 (1513.HK) 艾普拉唑或成長為重磅品種香港醫藥公司研報三季度業績超預期麗珠醫藥第三季度實現營收 19.4 億元, 同比增加 9.5%, 歸屬於上市公司股東的淨利潤 2.1 億元, 同比大增 33.1%, 首九個月營收 57.2 億元, 同比增加 17.1%, 歸屬於上市公司股東的淨利潤 6.1 億, 同比增加 24% 由於去年三季度基數較高, 今年三季度公司營收增速下滑為雙位數以下而從前三季度資料來看, 營收增長主要得益於西藥製劑診斷試劑和設備分別實現 27.3% 20.5% 的增長具體而言, 二線品種鼠神經生長因數 ( 麗康樂 ) 增長 77%, 艾普拉唑 ( 壹麗安 ) 增長 61%, 亮丙瑞林 ( 貝依 ) 增長 40% 另外, 促性激素類產品則實現營收 9.1 億元, 增速從上半年的 51% 放緩至 34.3%, 主要是羊年導致生育意願下降的因素從去年下半年開始減弱核心品種參芪扶正同比增長約 10% 至 12.8 億元 Revenue of TCM (CNY: mn) 增持 16 December 2016 ( 維持 ) 現價 : HKD ( 現價截至 12 月 14 日 ) 目標價 : HKD (+14.5%) 公司資料普通股股東 ( 百萬股 ) : 426 市值 ( 港幣百萬元 ) : 24, 周最高價 / 最低價 ( 港幣 ) : 50.95/ 31 主要股東, % 健康元藥業集團 : 股價表現, % 1 個月 3 個月 1 年麗珠醫藥恒生指數股價 & 恒生指數 Source: Phillip Securities (HK) Research Source: Company reports, Phillip Securities (HK) Research 至於利潤增速大超預期, 主要是二線品種均為高毛率專科藥, 且原料藥業務復蘇, 公司第三季度毛率同比上升 3.7 個百分點至 65.4% 最終, 公司營業利潤率上升 1.7 個百分點至 11.7% 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. 研研研研研笵國和 ( ) fanguohe@phillip.com.cn Page 1 PHILLISECURITIES (HK) RESEARCH

2 麗珠醫藥 (1513 HK) 公司研報 Gross margin of Livzon Pharma Source: Company reports, Phillip Securities (HK) Research 艾普拉唑或成長為重磅品種公司獨家的艾普拉唑為 1.1 類專利新藥, 已榮獲 2015 年國家科學技術進步二等獎, 其已被 12 個省份納入醫保目錄, 預計 2017 年大概率納入新版國家醫保目錄報銷範圍的擴大將顯著刺激銷售增長此外, 艾普拉唑注射劑的生產申請也有望於 2017 年年初獲批, 將進一步豐富產品劑型對比同類品種, 進入醫保的蘭索拉唑泮托拉唑奧美拉唑和埃索美拉唑均在 10 億級以上而艾普拉唑抑酸性強藥效長異質性好, 不良反應少, 我們預期艾普拉唑腸溶片有望成長為 5-10 億級品種而且, 艾普拉唑系專利藥, 預計競爭有限, 中標價將相對穩定精准醫療佈局漸趨完善公司目前共有 8 個單抗靶向藥物在研, 其中抗人腫瘤壞死因數 α 單抗已完成 Ⅰb/Ⅱa 期臨床試驗, 抗人絨促性素 (rhcg) 和 CD20 單抗已獲臨床批件, 其單抗藥物的產品線佈局於國內較為領先 2015 年, 在全球暢銷藥前十大品種中, 單抗佔據 6 席, 凸顯其於國際領域的主導地位此外, 公司還與 CYNVENIO BIOSYSTEMS 合資設立子公司佈局迴圈腫瘤細胞基因測序, 並認購美國 Abycte40% 股權以佈局抗腫瘤單功能或雙功能抗體及細胞治療產品目前合資公司的 CTC 腫瘤診斷儀器正在積極申請 CFDA 批文, 同時推進旗艦醫院的覆蓋總體上, 通過自主研發及海外投資, 公司有望形成液體活檢單抗基因測序等較為完善的精准醫療佈局, 前景較樂觀再考慮其中藥業務逆勢穩步增長, 特色專科藥等二線品種呈現暴增之勢, 我們給予其對應 2017 年每股收益 21 倍估值, 目標價為港元, 維持增持評級 ( 現價截至 12 月 14 日 ) 風險藥品大幅降價風險 ; 新藥研發風險 Page 2 PHILLISECURITIES (HK) RESEARCH

3 麗珠醫藥 (1513 HK) 公司研報財務報告 FYE F 2017F Valuation Ratios Price Earnings Price to Book Dividend Yield 1.0% 0.2% 1.2% 1.5% 1.8% Per share data(rmb)) EPS Adjusted Book Value Per Share Dividends Per Share Growth& Margin Revenue growth % 19.4% 17.9% 17.2% Gross Profit growth % 19.0% 23.5% 18.1% Net Profit growth - 5.8% 20.7% 22.1% 23.4% Profitability Ratios Gross Margin 62.8% 61.3% 61.1% 64.0% 64.5% Net Profit Margin 10.7% 9.3% 9.4% 9.7% 10.3% Dividend Payout Ratio % 30.3% 5.7% 30.9% 31.6% 32.7% Key Ratios Return on Assets 8.0% 7.4% 8.1% 9.1% 10.2% Return on Equity 15.3% 14.7% 15.5% 14.9% 16.4% Effective Tax Rate 16.7% 15.1% 18.4% 17.0% 17.0% Liability ratio 45.1% 44.1% 40.5% 38.0% 38.0% Income Statement(RMB: mn) Revenue 4,560 5,544 6,621 7,809 9,151 - Cost of Goods Sold 1,695 2,143 2,575 2,811 3,249 Gross Income 2,866 3,401 4,046 4,998 5,902 - Selling, General & Admin Expens 2,293 2,729 3,186 3,983 4,649 Operating Income ,146 - Interest Expense Net Non-Operating Losses (Gain Pretax Income ,200 - Income Tax Expense Income Before XO Items Minority Interests Net Profit Source: Company, Phillip Securities (HK) Research Estimates ( 財務資料截至 12 月 14 日 ) Page 3 PHILLISECURITIES (HK) RESEARCH

4 PHILL 麗珠醫藥 (1513 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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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

麗珠醫藥 (1513 HK) 公司研報 Gross margin of Livzon Pharma Source: Company reports, Phillip Securities (HK) Research 艾普拉唑或成長為重磅品種 公司獨家的艾普拉唑為 1.1 類專利新藥, 已榮獲 201

麗珠醫藥 (1513 HK) 公司研報 Gross margin of Livzon Pharma Source: Company reports, Phillip Securities (HK) Research 艾普拉唑或成長為重磅品種公司獨家的艾普拉唑為 1.1 類專利新藥, 已榮獲 201