医药行业专题：诊疗复苏提振上半年业绩Q3静待估值磨底

1诊疗复苏提振上半年业绩，Q3静待估值磨底行行业专题证券研究报告投资评级投资评级领先大市-A维持评级(1)业绩方面：23H1医药板块(剔除次新股及ST股)整体营收同销售费用率同比有所上升(+0.34pct)；管理与研发费用率同比略有 3Q2全部公募基金对医药板块的持仓比例为 ct实现小幅增长主要系九价HPV疫苗与血制品板块稳健增长，但受新目标价(元目标价(元)首选股票评级行行业表现医药沪深30037%27%17%7%-3%-13%2022-092023-012023-052023-09升幅%M3M12M相对收益绝对收益5分析师分析师mashuaiessencecomcn相相关报告产创新药首次参与医保谈判CXO业深度分析-.262023年，医疗机构变革元民营医疗机构09-0308-2009-0108-2708-26行业专题/医药2，扣非净利润同比下滑33.96%。分板块来看，新冠疫情放开现为上半年与新冠诊疗有关的行业(如新冠检测、健康防护、感控等)的营收规模同比收缩明显，与院内诊疗、个人诊疗和消费光等)则实现了较快的同比增速。面向未来，我们认为在器械领点关注创新与国际化两条主线。国内方面，由于控费政义与疗效得到充分验证的品种倾斜。海外方面，由于器械领域国际市场空间天然高于高内，一。(2)从体外诊断板块单独来看，2023年上半年国内诊疗活动复表观业绩受到了上年同期新冠基数影响，板块整体营收及归母净基数效应，我们建议重点关注各企业三季度各月份经营情况。长T增长3推行业专题/医药内容目录 2.6.医药商业：受疫后复苏，集采影响渐渐出清及多省份出台政策取消医院回款等影 2.6.1.医药流通：受疫后复苏，集采影响渐渐出清及多省份出台政策取消医院回款 图表目录 Q 10 5 图17.医药流通上市公司历年营收情况(亿元) 21图18.医药流通上市公司历年归母净利润情况(亿元) 21图19.零售药房上市公司历年营收情况(亿元) 21图20.零售药房上市公司历年归母净利润情况(亿元) 21 61.行业整体情况H过的安信医药板块分类：23H1医药板块(剔除次新股及ST股)整体营收同比增长11.10%(同比+2.03pct)，归母净利润同比增长8.57% (同比+2.05pct)，扣非净利润同比增长7.46%(同比-3.26pct)。医药行业销售费用率同比有所上升(+0.34pct)；管理与研发费用率同比略有下降(-0.21pct)；2023H1医药行业经营活表1：2023H1医药行业主要财务指标情况财务指标(亿元)2021A2022Q12022Q22022H12022Q32022Q1-32022Q42022A2023Q12023Q22023H1营业收入20652.565457.945453.1110911.055664.8816575.005812.5022387.515872.025638.0611334.29营收增速13.71%11.36%6.87%9.07%9.68%9.27%9.70%9.38%7.59%毛利率32.76%32.68%31.80%32.24%30.87%31.77%31.24%31.63%30.67%30.03%销售费用率13.52%12.57%12.49%12.53%12.76%12.61%13.98%12.97%12.53%12.94%12.87%管理及研发费用率7.51%6.75%7.30%7.02%6.50%6.85%9.59%7.56%6.86%7.04%6.81%财务费用率0.66%0.57%-0.01%0.28%0.03%0.69%0.32%0.59%-0.01%0.29%研发费用607.61140.29161.55301.84174.37476.24220.80697.04158.29165.73315.87研发费用/收入2.94%2.57%2.96%2.77%3.08%2.87%3.80%2.70%2.94%2.79%归母净利润1875.95536.00547.681083.68476.681559.45190.991750.44502.63448.14911.34归母增速20.80%15.05%-0.69%6.52%4.79%5.92%-38.24%4.74%8.57%扣非净利润1608.17519.92478.13998.05451.591449.22150.411599.63466.20407.98841.23扣非增速24.68%25.20%10.72%3.31%8.27%5.63%7.46%扣非净利率7.79%9.53%8.77%7.97%8.74%2.59%7.94%7.24%7.42%应收账款4631.08--5451.40-5705.84-5266.445838.490.005790.72应收账款增速12.81%--14.29%--13.98%9.98%0.00%9.74%经营现金流净额2285.0249.03688.60737.63537.651274.201122.252396.4541.89591.62580.17经营现金流净额/净利润121.81%125.73%68.07%112.79%81.71%587.59%136.91%8.33%132.02%63.66%公司行业专题/医药7(100%+∞](90%100%](80%,90%](70%80%](60%,70%](50%60%](40%,50%](30%40%](20%,30%](10%20%](0%,10%](-10%,-0%](-20%-10%](-30%,-20%(100%+∞](90%100%](80%,90%](70%80%](60%,70%](50%60%](40%,50%](30%40%](20%,30%](10%20%](0%,10%](-10%,-0%](-20%-10%](-30%,-20%](-40%,-30%](-50%-40%](-60%,-50%](-70%,-60%](-80%-70%](-90%,-80%](-100%,-90%](-∞-100%]图1.2023H1医药行业上市公司营收增速分布情况40003633455655112000000011200，，图2.2023H1医药行业上市公司扣非归母净利润增速分布情况505092423221817161010966654333333(-∞(-∞-100%]0%](-90%,-80%](-80%-70%](-60%,-50%](-70%,-60%](-50%-40%](-30%,-20%](-40%,-30%](-20%-10%](10%20%](0%,10%](20%,30%](30%40%](40%,50%](50%60%](60%,70%](70%80%](80%,90%]100%100%+∞](90%100%]，较低。23H1来看，20个申万一级行业的营收实现同比增长(5个行业的营收超过10%)。申万一级行业中，23个行业的归母净利润实现同比增长(7个行业的归母净利润增速超过行业专题/医药0%60%40%20%%0%60%40%20%%图3.23H1各申万一级行业营业收入增速情况0%25%20%%%-5%图4.23H1各申万一级行业归母净利润增速情况行业专题/医药202320222021202020192018201720162015202023202220212020201920182017201620152014201360%50%40%30%20%10% 图5.2023H1各申万一级行业涨跌幅情况 社交基食会通础品服运化饮务输工料持续性都十分有限。二季度过后，由于下半年基数与医疗领域反腐政策对市场预期的影响，图6.2013年至今申万医药生物行业市盈率(TTM)情况00申万医药万得全A行业专题/医药10食品饮料事业产食品饮料事业产图7.2023Q2各申万一级行业基金持仓比例(按市值)0%全部公募基金对医药板块的持仓比例为11.40%，环比上升0.18PP。剔除医药主题基金后的图8.2018-2023Q2公募基金医药持仓水平概况全部基金医药持仓比例医药股占A股总市值比例行业专题/医药11图9.2018-2023Q2剔除医药主题基金医药持仓水平概况剔除医药主题基金医药持仓比例医药股占A股总市值比例%4%创新药、仿制药及医疗器械相关个股持仓提升靠前。2023Q2，公募基金重仓个股数282支，QQ瑞医药(606)、迈瑞医疗(487)、药明康德(218)。从季度环比变动来看，2023Q2持仓基金数量增加最多的前三名为：恒瑞医药(+226)、科伦药业(+78)、鱼跃医疗(+45)，前十名多为创新药、仿制药或医疗器械相关个股。2023Q2持仓基金数减少最多的前三名为：药明康德(-176)、爱尔眼科(-105)、泰格医药(-80)。排排名代码名称持股基金数持股公司家数持股总市值(亿元)持股总量(万股)持股占流通股比(%)1SH32Z73SH0642.994SH药.955.SZ业6Z17Z.67.348SH9.SZ7.72SH.95Q )、华润三九(+29.70亿元)、美年健康(+20.26亿元)。2023Q2公募基金持有市值减少最多的前三名为：药明康德(-102.00亿元)、爱尔眼科(-92.65亿元)、泰格医行业专题/医药12P数(亿元)(万股)股比(%)1Z72SH33SH0642.994Z15SH.956Z.67.347SH70268.SZ7.729SH金域医学22.38.SZ132.细分板块业绩化学制剂行业销售费用率同比所有下降(-1.45pct)，管理与研发费用率同比基本持平 pct流净额与净利润匹配良好。表4：2023H1化学制剂板块主要财务指标情况财务指标(亿元)2021A2022Q12022Q22022H12022Q32022Q1-32022Q42022A2023Q12023Q22023营业收入2508.13623.20611.04650.65661.282546.61676.00665.765营收增速6.03%-0.41%-0.66%-0.54%2.21%0.42%4.67%8.43%8.92%8.67%毛利率53.09%52.84%50.51%51.69%51.19%51.51%49.94%51.10%51.12%49.80%50.46%销售费用率27.19%25.37%23.95%24.67%25.06%24.80%26.41%25.22%23.28%23.15%23.22%管理及研发费用率财务费用率0.87%0.63%-0.38%0.13%-0.51%-0.09%0.19%0.65%-0.22%0.22%研发费用42.3945.938.321.472.78202.5947.272.049.31研发费用/收入7.72%6.80%7.52%7.16%7.91%7.42%9.49%7.96%6.99%7.82%7.40%归母净利润228.296.580.958.988.27223.88.810.55归母增速20.00%-5.43%4.09%-7.01%-3.53%8.78%9.66%0.53%5.32%扣非净利润8.254.903.637.292.81-扣非增速2.08%9.58%5.59%-6.49%279.22%-3.37%6.53%扣非净利率6.18%9.35%8.98%9.17%8.24%8.82%2.75%7.25%9.95%7.93%8.95%应收账款507.57--565.13-589.20-549.85589.6000589.46应收账款增速--0.39%--8.31%3.51%0.00%4.27%经营现金流净额312.6141.346.141.41207.81327.112.254.57经营现金流净额/净利润%62.09%%99.96%%%311.72%%44.30%%94.78%公司利润有所下滑2023Q2化学原料药板块(剔除次新股及ST股)整体营收同比增长0.11%(-5.90pct)，归母14表5：2023H1化学原料药板块主要财务指标情况财务指标(亿元)2021A2022Q12022Q22022H12022Q32022Q1-32022Q42022A2023Q12023Q22023H1营业收入268.71266.57535.28254.3288.23282.14279.98265.95545.92营收增速8.53%6.01%8.13%3.91%6.55%4.86%6.10%4.37%0.11%2.25%毛利率40.14%39.05%38.16%38.61%37.99%38.47%37.45%38.20%38.62%38.20%38.41%销售费用率管理及研发费用率财务费用率0.19%-0.30%2.03%0.31%-2.04%0.03%研发费用3.8525.539.297.5329.23收入5.34%4.36%5.18%4.77%5.41%4.98%6.47%5.38%4.72%6.02%5.35%归母净利润.6028.4426.975.42.0639.4621.6921.8243.52归母增速-22.59%9.35%4.42%6.89%-7.94%2.89%239.92%8.07%-23.73%-21.47%扣非净利润6.5125.0726.361.438.63.0420.9240.31扣非增速-26.21%30.96%20.45%3.50%-23.94%-22.67%-20.65%-21.63%扣非净利率5.60%9.33%9.89%9.61%6.76%8.71%0.50%6.54%6.93%7.87%7.38%应收账款--220.57-210.65-209.29219.4900215.66应收账款增速---8.78%-9.23%0.13%0.00%-2.23%经营现金流净额经营现金流8.5026.9440.2628.558.8141.0826.9440.26润46.82%99.88%72.65%94.18%761.76%57.29%92.51%公司2.3.生物制品：Q2环比有所改善，关注大单品放量与常规需求恢复HST实现小幅增长的主要原因是：2023H1关需求激增销售实现较快增长，但受新冠产品贡献减少、年初疫情政策调整对企业经营造成然旺盛，行业有望维持高景气。表6：2023H1生物制品板块主要财务指标情况财务指标(亿元)2021A2022Q12022Q22022H12022Q32Q1-32022Q42022A2023Q12023Q22023H1营业收入营收增速毛利率销售费用率率财务费用率39.22%57.10%0.05%283.2637.74%54.47%0.22%344.678.33%54.69%-0.47%659.6323.98%56.28%-0.14%344.87-0.81%55.10%-0.28%55.88%-0.19%340.98-5.01%55.04%20.44%-0.04%8.62%55.66%-0.15%326.763.74%53.42%-0.02%314.7855.41%-0.57%599.5155.99%-0.59%15研发费用研发费用/收入归母净利润归母增速扣非净利润扣非增速扣非净利率应收账款应收账款增速经营现金流净额经营现金流净额/净利润.306.04%303.2065.08%287.3388.23%24.33%291.3136.31%297.7898.21%5.75%5.9442.00%9.8734.30%21.14%---21.16%24.086.99%.03-35.25%3.95-40.77%--9.2381.10%41.426.28%-6.07%20.76%406.2755.73%49.7632.68%25.447.38%5.78-33.03%3.78-32.58%--.69%6.866.66%218.06200.75429.7443.60%58.45%3.239.74%42.29-32.96%8.81-31.69%--.86%7.44%260.35239.56-21.91%444.0841.48%200.3176.94%21.836.68%.67-8.30%7.49-7.58%20.65%482.4126.51%26.82%23.087.33%.396.95%6.6421.17%000.00%0.5483.63%43.497.25%0.44%3.88%22.07%494.8623.63%2.8937.15%公司图10.疫苗上市公司业绩及增速情况(亿元；%)扣非归母净利润扣非归母净利润营收YOY扣非YOY200300%150200%100100%%500%%0-100%物、康华生物图11.血制品上市公司业绩及增速情况(亿元；%)00%0%-100%Q表7：2023H1医疗服务板块主要财务指标情况财务指标(亿元)2021A2022Q12022Q22022H12022Q32Q1-32022Q42022A2023Q12023Q22023H1营业收入294.60319.13613.73362.18975.91344.80306.69267.78511.71营收增速32.70%36.86%30.21%33.32%34.47%33.74%29.37%4.10%-7.19%-7.03%毛利率39.59%36.74%37.81%37.30%40.87%38.62%36.67%38.11%38.16%37.07%36.54%销售费用率7.75%6.75%6.09%6.41%6.25%6.35%6.74%6.45%6.73%管理及研发费用率7.30%财务费用率1.21%1.02%-0.27%0.35%-0.32%0.10%1.61%0.50%1.59%0.54%1.02%16研发费用研发费用/收入归母净利润归母增速扣非净利润扣非增速扣非净利率应收账款应收账款增速经营现金流净额净利润1.073.04%29.61%51.29%229.8627.13%214.14%362.84%6.906.36%6.3050.29%--32.60%933.11%9.2978.29%47.5430.29%--9.72%2.98%44.36%3.8438.26%304.2341.92%1.7576.98%3.24%8.0960.89%1.9457.60%--.82%0.043.08%50.40%45.87%323.2939.44%90.98%3.91%-60.64%20.27-4.30%5.88%--4.77650.32%43.513.29%23.51%37.09%320.8940.11%253.34%3.28%44.3220.10%7.994.65%326.897.43%343.49%25.06-27.53%23.03-33.96%8.60%000.00%6.27%3.44%41.05-33.66%6.81-39.67%7.19%393.6021.5252.43%T公司2.4.1.CXO：受全球创新药投融资环境和新冠订单扰动等影响，2023H1业绩增速放缓图12.CXO上市公司历年营收情况(亿元)00CXO板块营收(亿元)同比增长201820192020202120222023H1%0%图13.CXO上市公司历年归母净利润情况(亿元)0CXO板块归母净利润(亿元)同比增长201820192020202120222023H180%70%60%50%30%%市场复苏是反转的关键新冠检测、新冠特效药等，后疫情时代随着新冠业务开始衰减，公司表观业绩被拖累；(2)受宏观环境影响，下游企业客户研发投入更加谨慎，尤其是生物医药行业的投融资承压，对17上游需求存在压制；(3)过去几年大量生命科学上游公司实现证券化，储备资金充裕，产能 比较明显，科研经费暂时没有出现收缩迹象；(2)工业市场景气度下行，尤其是生物医药行我们认为困境反转需要业绩预期修复,工业市场复苏是反转的关键。图14.生命科学服务重点跟踪上市公司单季度业绩表现公公司营业收入同比增长扣非净利润同比增长2022Q12022Q22022Q32022Q42023Q12023Q22022Q12022Q22022Q32022Q42023Q12023Q2纳微科技112%54%51%44%7%177%16%-13%-17%-89%-71%奥浦迈11%16%-28%13%33%-12%-65%诺禾致源6%6%9%14%6%2%-27%44%-35%61%11%药康生物51%32%34%14%21%16%37%46%38%10%2%-17%南模生物34%-15%26%2%20%63%-251%-149%-303%140%百普赛斯28%33%23%12%20%15%-13%-27%-18%-17%义翘神州-61%-31%-27%-11%10%-71%-40%-58%-34%-47%-47%诺唯赞80%127%48%118%-69%-58%-20%-188%-118%-126%泰坦科技42%16%32%0%13%13%33%-41%37%-48%39%5%阿拉丁47%26%31%25%16%48%-15%-17%-11%-39%-29%康为世纪42%257%21%-37%-69%10%8033%-69%-110%-130%洁特生物9%-29%-44%-42%-61%-23%-16%-46%-78%-128%-125%-61%优宁维2%26%5%13%15%3%-21%-50%-39%万要与民营医院自身的灵活性和产能不饱和有关，后疫情时代，民营医疗的可提升空间更大。疗复苏明显。消费医疗方面，不同细分领域表现分化：(1)眼科同时白内障手术升级带来客单价提升，屈光业务增长速度相对较低，我们认为主要与消费意愿不足有关，同时寒假旺季和疫情高发冲突，暑期旺季和假期旅游冲突；(2)口腔业绩表现承压，我们认为主要与消费意愿不足有关，具体表现为消费属性越强的项目，业绩增长压力越大，同时种植牙集采放量节奏没有达到预期；(3)中医和体检业绩增长亮眼，我们认为主要是因为后疫情时代民众身体处于亚健康状态，对自身及家人的健康状态更加关注，调理和保健需求增强。严肃医疗方面，肿瘤、康复、综合医院等严肃医疗的刚需属性较强，常规门诊量和住院量大幅提升，业绩增长表现亮眼，我们认为存在疫情放开后积压需求释放因素，18图15.民营医疗服务重点跟踪上市公司单季度业绩表现公公司营业收入同比增长扣非净利润同比增长2022Q12022Q22022Q32022Q42023Q12023Q22022Q12022Q22022Q32022Q42023Q12023Q2爱尔眼科19%3%16%-10%20%33%22%6%18%-32%21%33%华厦眼科16%15%38%33%-10%21%59%普瑞眼科21%6%-17%39%73%33%-64%-18%-178%92%563%何氏眼科15%-11%8%-16%27%39%-56%-487%113%41%通策医疗4%0%-10%3%4%-32%-21%-56%0%5%美年健康-23%15%-16%55%47%-14%-1930%67%-150%61%172%国际医学-52%13%14%247%51%-218%-34%75%8%新里程9%8%4%2%9%104%1993%185%109%1716%-29%信邦制药8%2%6%6%-32%-68%-29%101%盈康生命102%85%49%-51%35%18%358%739%-35%-36%53%44%三星医疗43%23%42%14%13%37%41%12%87%386%32%90%三博脑科18%23%83%22%海吉亚医疗64%21%15%13%4%49%生堂18%19%40%-116%-181%67%锦欣生殖32%25%17%22%-137%18%图16.2023H1眼科医疗服务公司细分业务表现营业收入(亿元)比增长毛利率屈光视光屈光视光屈光视光爱尔眼科1440.283.60.3%30.5%37.5%57.7%55.2%华厦眼科4.976.514.7544.9%44.2%56.9%50.0%普瑞眼科2.757.090%33.4%52.9%43.4%53.0%45.7%何氏眼科 50.5%49.0%光正眼科0.510%33.7%45.6%47.8%45.6%健康防护、感控等)的营收规模同比收缩明显，与院内诊疗、个人诊疗和消费医疗有关的行业(如各类手术器械、内镜器械、眼科、IVD化学发光等)则实现了较快的同比增速。面向未来，我们认为在器械领域应该重点关注创新与国际化两条主线。国内方面，由于控费政策19和反腐政策的推进，将来支付端预计将向具备真正创新能力、能够针对性解决临床痛点、临床意义与疗效得到充分验证的品种倾斜。海外方面，由于器械领域国际市场空间天然高于国头的技术不断突破、对海外高端客户群的渗透能力越来越强，能够走出新的国际化逻辑的公表8：2023H1医疗器械板块主要财务指标情况财务指标(亿元)2021A2022Q12022Q22022H12022Q32022Q1-32022Q42022A2023Q22023H1营业收入2182.85652.36607.741228.39544.051772.44590.082362.51389.59760.78营收增速毛利率销售费用率管理及研发费用率财务费用率研发费用145.3736.6340.7676.3343.03119.3651.34170.7036.2569.47研发费用/收入归母净利润598.18194.59162.68343.97135.24479.2146.15525.3690.53168.28归母增速扣非净利润566.89190.64156.26333.75129.62463.3739.89503.2683.83157.54扣非增速扣非净利率应收账款398.70--509.28-515.95-501.000.00275.35应收账款增速----经营现金流净额660.3563.26153.08211.85112.67324.53255.22579.7588.48111.85润公司H1医药商业板块(剔除次新股及ST股)整H财务指标(亿元)2021A2022Q12022Q22022H12022Q322Q1-32022Q42022A2023Q12023Q22023H1营业收入9512.302467.052497.564964.622689.907654.512683.9352834.192807.985642.17营收增速7.64%4.94%6.27%8.12%8.68%毛利率销售费用率6.24%6.06%6.25%6.16%6.01%6.10%6.77%6.28%5.93%6.10%6.02%管理及研发费用率2.45%2.23%2.19%2.21%2.10%2.17%3.06%2.40%2.17%2.22%2.20%财务费用率0.77%0.76%0.69%0.72%0.68%0.71%0.78%0.73%0.70%0.64%0.67%研发费用25.66841319328.20384收入0.27%0.24%0.21%0.22%0.27%0.24%0.37%0.27%0.25%0.24%0.25%归母净利润209.131.05.064.192.496.48归母增速6.93%-4.71%-40.02%-4.97%22.42%2.27%扣非净利润49.370.960.0022.759.029.16扣非增速0.33%6.05%4.35%5.10%6.73%-6.31%4.91%-2.96%7.11%扣非净利率2.00%2.44%2.22%2.09%0.85%2.08%2.11%2.09%应收账款2389.66--2739.83-2918.41-2543.242946.52003030.50应收账款增速9.67%--8.51%--6.43%8.91%0.00%经营现金流净额273.74.075.21302.60357.81经营现金流润-256.64%30.62%%%公司降1.92%。在疫后诊疗逐步恢复，集采影响渐渐出清及多省份出台政策取消医行业专题/医药图17.医药流通上市公司历年营收情况(亿元)00000.00000.00医药流通营收(亿元)同比增长0%0.00%201820192020202120222023H1图18.医药流通上市公司历年归母净利润情况(亿元)医药流通归母净利润(亿元)同比增长0.00201820192020202120222023H10%0%-10.00%0%疗、开开B股图19.零售药房上市公司历年营收情况(亿元)00零售药房营收(亿元)同比增长30%25%%%201820192020202120222023H1图20.零售药房上市公司历年归母净利润情况(亿元)00零售药房归母净利润(亿元)同比增长%%-10%23H1年中药板块(剔除次新股及ST股)整行业专题/医药表10：2023H1中药板块主要财务指标情况财务指标(亿元)2021A2022Q12022Q22022H12022Q32Q1-32022Q42022A2023Q12023Q22023H1营业收入3237.81868.76806.41818.922494.09909.303403.39998.88926.23营收增速9.32%2.30%3.33%2.79%2.31%2.63%5.11%毛利率45.06%45.01%43.98%44.51%44.40%44.47%44.16%44.39%46.58%44.72%45.76%销售费用率24.66%22.61%23.15%22.87%24.40%23.37%25.09%23.83%22.92%23.71%23.38%管理及研发费用率8.18%6.89%8.10%7.47%7.85%7.59%9.65%8.14%6.63%7.42%7.01%财务费用率0.14%-0.03%0.03%0.00%0.15%0.05%0.00%0.04%0.00%-0.12%-0.04%研发费用6.7021.9241.0021.612.611.824.4320.4222.1642.80研发费用/收入2.68%2.20%2.72%2.45%2.64%2.51%3.50%2.77%2.04%2.39%2.21%归母净利润311.592.50.69.75248.9425.88274.81253.81归母增速9.72%-0.90%9.53%-5.13%-47.39%48.87%32.78%43.59%扣非净利润246.688.16.43244.0009253.09235.99扣非增速5.22%-7.73%-0.43%3.42%0.73%%2.60%29.42%38.67%33.98%扣非净利率7.62%8.45%9.21%9.78%7.44%应收账款622.37--06.09-18.60-698.0884.070091.30应收账款增速----0.00%经营现金流净额427.904.04241.390.44331.83236.42568.2522.33242.11经营现金流净额/净利润%69.24%222.55%%%%913.67%206.77%%95.39%公司管控放开，以感冒呼吸为特色的OTC品种普遍受益，渠道出现补库存周期；(2)政策相对友好，医保目录推荐、指南共识推荐、基药目录推荐等形成强大的中药消费推力；(3)疫后民众的保健意识增长，自我免疫力提升的需求对中药消费形成强烈刺激。从上市公司业绩表现速的重要催化剂，但是大部分公司渠道库存管控良好，业绩持续性较强，这是这一轮中药行院外中药和院内中药两部分，其中院外中药是指销售场景主要发生在零售渠道的中药品种，括中药创新药(口服)、中药注射剂、中药配方颗粒等。(1)院外中药方面：根据中药材天地网显示，天然牛黄今年以来价格大幅上涨，迫于生产成本的压力，我们认为相关中药资源品牌OTC提价周期。(2)院内中药方面，受当前医疗政策环境影响，处于入院推广期的中药创新药品种可能阶段性增速放缓，中药注射剂的临床价值需要重新审视，中药配方颗粒面临山内中药阶段性压力较大。图21.2023H1中药公司营业收入同比增速区间986986643104增长40%以上增长30-40%增长20-30%增长10-20%增长0-10%下滑0-10%下滑10-20%下滑20-30%下滑30-40%下滑40%以上图22.2023H1中药公司扣非净利润同比增速区间31331364321442增长100%以上增长50-100%增长20-50%增长10-20%增长0-10%下滑0-10%下滑10-20%下滑30-50%下滑50-100%下滑100%以上图23.中药重点跟踪上市公司单季度业绩表现公公司营业收入同比增长扣非净利润同比增长2022Q12022Q22022Q32022Q42023Q12023Q22022Q12022Q22022Q32022Q42023Q12023Q2片仔癀17%12%9%12%16%21%15%-16%4%14%26%云南白药19%11%14%-36%0%29%6%299%仁堂7%2%14%30%30%25%13%-13