@2021華創(chuàng)版權(quán)所有證券@2021華創(chuàng)版權(quán)所有證券研究報(bào)告證券研究報(bào)告|醫(yī)藥生物|2023年09月02日華創(chuàng)醫(yī)藥周觀點(diǎn)·第42期醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述鄭辰李嬋娟黃致君本報(bào)告由華創(chuàng)證券有限責(zé)任公司編制報(bào)告僅供華創(chuàng)證券有限責(zé)任公司的客戶使用。本公司不會因接收人收到本報(bào)告而視其為客戶。華創(chuàng)證券對這些信息的準(zhǔn)確性和完整性不作任何保證。報(bào)告中的內(nèi)容和意見僅供參考，并不構(gòu)成本公司對所述證券買賣的出價(jià)或詢價(jià)。本報(bào)告所載信息均為個(gè)人觀點(diǎn)，并不構(gòu)成對所涉及證券的個(gè)人投資建議。請仔細(xì)閱讀PPT后部分的分析師聲明及免責(zé)聲明。和投資組合和投資組合事件第一部分0102020303煤炭算機(jī)輕工制造車媒械信材紡織服裝有色金屬電力設(shè)備…基礎(chǔ)化工鐵消費(fèi)者服務(wù)貿(mào)零售房地產(chǎn)石油石化食品飲料筑合通運(yùn)輸農(nóng)林牧漁銀行綜合金融電力及公…煤炭算機(jī)輕工制造車媒械信材紡織服裝有色金屬電力設(shè)備…基礎(chǔ)化工鐵消費(fèi)者服務(wù)貿(mào)零售房地產(chǎn)石油石化食品飲料筑合通運(yùn)輸農(nóng)林牧漁銀行綜合金融電力及公…35.06%本周漲跌幅排名前10的股票、福瑞股份、華康醫(yī)療、偉思醫(yī)療、通化金馬、春立醫(yī)療、萬澤股份、科美診斷、賽諾醫(yī)療。集團(tuán)、健友股份、馬應(yīng)龍、力生制藥、美迪西、何氏眼科、益豐藥房、錦好醫(yī)療、常山藥業(yè)。本周中信一級行業(yè)指數(shù)漲跌本周中信一級行業(yè)指數(shù)漲跌幅.59%.32%6.53%.35%.25%.06%.66%.52%5.31%-14%-12%-10%-8%-6%-4%-2%0%樂普醫(yī)療太極集團(tuán)健友股份馬應(yīng)龍力生制藥美迪西何氏眼科益豐藥房錦好醫(yī)療常山藥業(yè)新諾威 艾力斯福瑞股份華康醫(yī)療偉思醫(yī)療通化金馬春立醫(yī)療萬澤股份科美診斷賽諾醫(yī)療27.27.35%25.70%22.31%0%10%20%30%40%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號未經(jīng)許可，禁止轉(zhuǎn)載3事件第二部分010102投資組合020303本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述速為-9.3%。劃分收入(億元)歸母凈利潤(億元)扣非凈利潤(億元)HQ2HQ2HQ2工業(yè)6.892072.37科研服務(wù)與CRO1.32.2證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號未經(jīng)許可，禁止轉(zhuǎn)載5劃分增速速利潤增速HQ2HQ2HQ2工業(yè)9%.1%.4%.0%.5%5.1%6.7%5.5%0.8%7.0%5.1%1.3%1.9%3.0%2.4%.4%科研服務(wù)與CRO2.4%0.3%.6%0.4%0.7%2.1%.3%本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述、CMO進(jìn)行分析。歸?我們認(rèn)為，科創(chuàng)板創(chuàng)新藥企增多且部分企業(yè)目前處于持續(xù)投入期，對統(tǒng)計(jì)數(shù)據(jù)的影響較大，制藥工業(yè)板塊的實(shí)際經(jīng)營情況比財(cái)務(wù)指標(biāo)的數(shù)據(jù)更為積極。塊財(cái)務(wù)指標(biāo)2022H12023H12022Q22023Q2收入(億元)3367.43567.01713.91780.9增速12.0%5.9%9.1%3.9%歸母凈利潤(億元)461.3446.8241.7223.9增速4.4%-3.1%-2.3%-7.4%扣非凈利潤(億元)407.6395.2207.5194.1增速7.1%-3.0%-3.4%-6.5%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號未經(jīng)許可，禁止轉(zhuǎn)載6資料來源：Wind，華創(chuàng)證券(注：百濟(jì)神州對板塊業(yè)績擾動較大，未納入計(jì)算)本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述A023顯著縮窄。新藥企財(cái)務(wù)指標(biāo)2022H12023H12022Q22023Q2收入(億元)75.3203.584.509.1增速16.0%歸母凈利潤(億元)-6.8扣非凈利潤(億元)證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號7本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述證券代碼證券簡稱H1營收H1營收2Q2營收3Q2營收H1歸母H1歸母2Q2歸母3Q2歸母H1扣非H1扣非2Q2扣非3Q2扣非276.SH醫(yī)藥.509893773.SZ藥業(yè)278.SH寶生物.84558.SZ業(yè)091.SH眾505.SH張江578.SH斯.72321.SH生物189.SH藥.00488.SH藥業(yè)0197.SH首藥控股-U6373.SH盟科藥業(yè)-U9176.SH亞虹醫(yī)藥-U2506.SH百利天恒-U1302.SH海創(chuàng)藥業(yè)-U0221.SH前沿生物-U7266.SH澤璟制藥-U7177.SH泰1382.SH益方生物-U0192.SH迪哲醫(yī)藥-U5428.SH諾誠健華-U0062.SH邁威生物-U2331.SH生物.220180.SH君實(shí)生物-U.154443.SH智翔金泰-U7證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號8資料來源：公司公告，華創(chuàng)證券(單位：億元)本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述企板塊財(cái)務(wù)指標(biāo)2022H12023H12022Q22023Q2收入(億元)1368.31489.5677.1731.2增速1.0%8.9%0.1%8.0%歸母凈利潤(億元)120.3132.257.861.9增速-0.5%9.9%1.7%7.2%扣非凈利潤(億元)104.2117.551.453.8增速7.5%12.8%7.8%4.7%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號未經(jīng)許可，禁止轉(zhuǎn)載9資料來源：Wind，華創(chuàng)證券本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述球合作與研發(fā)。22H1收入增速23H1收入增速22H1歸母增速23H1歸母增速22H1扣非增速23H1扣非增速022Q2收入增速023Q2收入增速022Q2歸母增速023Q2歸母增速022Q2扣非增速023Q2扣非增速963.SZ079.SH%422.SZ380.SH%664.SH%%%0%%%%7%420.SH%%%%513.SZ062.SH%%%%%597.SZ%%%6%789.SH%%2%%262.SZ%%%%%%367.SH4%%%%153.SZ%5%1%019.SZ%%%%%%%%020.SZ%%294.SZ%7%%%3%435.SZ%%%%%%%089.SH%%%%437.SZ%%%%%%653.SZ%%21%%919.SZ%%%0%資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號未經(jīng)許可，禁止轉(zhuǎn)載10資料來源：Wind，華創(chuàng)證券本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述證券代碼證券簡稱2022H1收入增速2023H1收入增速2022H1歸母增速2023H1歸母增速2022H1扣非增速2023H1扣非增速2022Q2收入增速2023Q2收入增速2022Q2歸母增速2023Q2歸母增速2022Q2扣非增速2023Q2扣非增速003020.SZ立方制藥14%3%17%34%18%20%14%-24%22%27%28%-6%300194.SZ福安藥業(yè)-6%15%-18%83%-20%90%4%7%12%48%11%54%300723.SZ一品紅-5%40%31%33%0%36%-11%41%50%25%-15%45%000788.SZ北大醫(yī)藥-9%8%-9%6%-7%-15%-12%13%81%-16%88%-51%600200.SH江蘇吳中-24%40%-128%-241%-7%-108%-30%43%7%-97%%-87%600513.SH聯(lián)環(huán)藥業(yè)18%6%21%-6%20%-9%15%2%22%-14%24%-24%002755.SZ奧賽康-40%-30%-95%-1368%-99%-6480%-36%-21%-108%1209%-116%638%000566.SZ海南海藥3%-10%-95%-150%-72%49%5%-9%-99%-468%-87%292%300110.SZ華仁藥業(yè)3%15%%11%7%6%-6%27%%-16%6%-27%000766.SZ通化金馬-12%5%-67%43%-77%107%-16%25%-91%119%-104%-648%600851.SH海欣股份-17%-2%7%-19%15%-14%-35%3%5%-23%17%-20%603676.SH衛(wèi)信康34%12%93%30%96%29%21%13%84%15%89%14%300573.SZ興齊眼藥30%14%51%-27%57%-33%17%34%47%9%31%300434.SZ金石亞藥-10%32%11%89%-13%137%4%30%-427%-21%-95%-4076%688513.SH苑東生物15%-3%15%-2%25%-5%10%-9%9%-13%26%-16%002393.SZ力生制藥5%7%17%25%22%24%19%4%19%46%27%46%002900.SZ哈三聯(lián)7%26%-97%155%-127%203%2%19%-6%-40%-126%7%300006.SZ萊美藥業(yè)-34%12%-251%10%95%-66%-17%9%37%122%7%-61%002826.SZ易明醫(yī)藥14%-2%18%18%47%28%10%3%-30%66%10%196%000908.SZ景峰醫(yī)藥28%-5%-114%12%-80%44%14%-7%-126%-5%167%18%300254.SZ仟源醫(yī)藥-12%-10%454%6%61%-18%-9%-14%314%3%82%-12%301263.SZ泰恩康18%8%36%41%58%37%9%10%-41%141%-55%162%300016.SZ北陸藥業(yè)-34%25%-66%-76%-85%-106%-47%49%-99%-502%-128%-44%300199.SZ翰宇藥業(yè)-3%-9%269%-65%-51%257%%-21%-19%30%-41%73%603811.SH誠意藥業(yè)-11%%-17%39%-18%35%-15%9%11%41%5%44%688566.SH吉貝爾3%63%-24%129%-35%206%-9%114%-53%331%-89%2303%000813.SZ德展健康-22%-27%-36%-112%-65%-128%-38%-23%-9%-127%-92%-530%603168.SH莎普愛思-12%22%32%106%-26%220%-20%37%-52%537%-56%421%300204.SZ舒泰神-9%-31%38%85%39%80%-21%-16%46%79%48%74%300584.SZ海辰藥業(yè)-16%-2%-16%10%-17%11%-24%23%-33%42%-34%28%資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號未經(jīng)許可，禁止轉(zhuǎn)載11資料來源：Wind，華創(chuàng)證券本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述5.6%)。受出口需求偏弱、下游去庫存以及原料藥價(jià)格下行壓力的影響，今年上半年原料藥板塊業(yè)績整體承壓。藥業(yè)。板塊財(cái)務(wù)指標(biāo)2022H12023H12022Q22023Q2收入(億元)727.8738.0368.7360.1增速9.3%1.4%7.2%-2.3%歸母凈利潤(億元)104.185.956.244.8增速12.9%-17.5%15.0%-20.3%扣非凈利潤(億元)93.178.849.941.5增速15.4%-15.4%18.1%-16.8%資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號未經(jīng)許可，禁止轉(zhuǎn)載12資料來源：Wind，華創(chuàng)證券本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述Q凱萊英、博騰股份等企業(yè)報(bào)告期CMOCMO板塊財(cái)務(wù)指標(biāo)2022H12023H12022Q22023Q2收入(億元)308.5305.569.554.5增速89.9%-8.9%歸母凈利潤(億元)83.483.355.048.2增速120.0%193.6%扣非凈利潤(億元)74.676.245.844.4增速139.9%138.6%-3.2%資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號未經(jīng)許可，禁止轉(zhuǎn)載13資料來源：Wind，華創(chuàng)證券本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述┃二、制藥工業(yè)行業(yè)22H1收入增速23H1收入增速22H1歸母增速23H1歸母增速22H1扣非增速23H1扣非增速022Q2收入增速023Q2收入增速022Q2歸母增速023Q2歸母增速022Q2扣非增速023Q2扣非增速259.SH%821.SZ%%3%%%43%%363.SZ2%%65%%%%7%%%%%%456.SH4%%621.SH5%2%8%3%1%0%201.SZ%%%%%%%%509.SZ7%%001.SZ%%%%521.SH%4%739.SZ%2%%%%507.SH%%%%%%332.SZ%%%399.SZ%%%%%2%%%765.SZ7%%235.SH216.SH%%%%%%267.SH102.SZ%%%%%630.SZ%%%%%%301.SZ%%%756.SZ%6%%401.SZ%%%%%089.SZ業(yè)73%%%%%233.SZ3%%%%5%%166.SH%%%229.SH%9%4%%%%116.SH%1%4%%5%%258.SZ3%%365.SZ%%%%%%%277.SZ%%%%%452.SZ%%%%%6%%6%%211.SZ%%%718.SH%8%%%3%367.SZ%%%%%%%177.SH%%2%%%636.SZ%%%%351.SH%281.SZ%%%%688.SZ%952.SZ%04%%09%%%267.SZ%%%%2%%583.SZ%%%%%%966.SZ%%%%%%109.SZ%8%6%40%%%953.SZ%%91%18%%%29%資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號未經(jīng)許可，禁止轉(zhuǎn)載14資料來源：Wind，華創(chuàng)證券本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述業(yè)財(cái)務(wù)指標(biāo)2022H12023H12022Q22023Q2收入(億元)537.2565.0284.5287.6增速37.5%5.2%19.0%歸母凈利潤(億元)96.187.351.638.4增速-40.5%-25.6%扣非凈利潤(億元)97.079.250.132.9增速-4.0%-37.4%-34.2%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述證券代碼證券簡稱2022H1收入增速2023H1收入增速2022H1歸母增速2023H1歸母增速2022H1扣非增速2023H1扣非增速2022Q2收入增速2023Q2收入增速2022Q2歸母增速2023Q2歸母增速2022Q2扣非增速2023Q2扣非增速300122.SZ智飛生物39%33%-32%14%-33%14%3%40%-60%23%-60%20%603392.SH萬泰生物202%-30%273%-37%283%-39%142%-54%215%-66%225%-68%600196.SH復(fù)星醫(yī)藥26%0%-38%15%19%-26%23%-4%-34%-27%16%-57%300142.SZ沃森生物74%-8%32%8%100%-12%85%-21%33%-26%133%-25%688739.SH成大生物-25%-1%-34%-12%-40%-7%-11%%-22%-10%-64%-4%300841.SZ康華生物18%-4%25%-21%24%-22%22%-9%19%-21%23%-21%301207.SZ華蘭疫苗9625%-86%-1129%-64%-733%-78%-1255583%-100%-1303%-95%-741%-104%688276.SH百克生物-24%27%-47%51%-48%49%-10%25%-32%65%-34%62%688670.SH金迪克-49%675%-26%-303%11%-205%92%433%-19%-91%14%-88%688319.SH歐林生物38%0%-27%-8%-31%-23%70%-7%73%-35%84%-48%300601.SZ康泰生物74%-5%-64%324%-71%397%23%3%-149%-299%-156%-248%688185.SH康希諾-69%-96%-99%-6976%-106%1473%-92%-157%-111%543%-115%414%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述半年未確認(rèn)，業(yè)績出現(xiàn)較大波動(上半年疫苗業(yè)務(wù)收入1.5億，同比減少86%)，在剔除華蘭生物后，血制品板塊收入增速Q(mào)非塊財(cái)務(wù)指標(biāo)2022H12023H12022Q22023Q2收入(億元)01.608.858.353.7增速39.6%7.2%49.3%-7.9%歸母凈利潤(億元)25.829.0增速19.9%12.7%26.5%-9.5%扣非凈利潤(億元)23.826.2增速15.5%16.4%-6.0%資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號未經(jīng)許可，禁止轉(zhuǎn)載17資料來源：Wind，華創(chuàng)證券本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述漿增長的信心。生物和博雅生物。血制品企業(yè)收入和利潤增速血制品企業(yè)收入和利潤增速證券代碼證券簡稱2022H1收入增速2023H1收入增速2022H1歸母增速2023H1歸母增速2022H1扣非增速2023H1扣非增速2022Q2收入增速2023Q2收入增速2022Q2歸母增速2023Q2歸母增速2022Q2扣非增速2023Q2扣非增速002252.SZ上海萊士88%18%17%17%15%13%78%14%6%%2%4%002007.SZ華蘭生物82%-33%27%-10%17%-14%157%-59%71%-50%37%-50%600161.SH天壇生物4%42%14%47%13%49%23%18%40%17%42%19%000403.SZ派林生物25%-28%26%-35%30%-46%-3%-9%-3%-25%-2%-33%300294.SZ博雅生物8%10%41%17%27%4%11%-1%81%-11%46%-14%002880.SZ衛(wèi)光生物-31%97%-33%115%-35%132%-52%164%-50%157%-53%187%資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號未經(jīng)許可，禁止轉(zhuǎn)載18資料來源：Wind，華創(chuàng)證券本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述2022H12023H12022Q22023Q2收入(億元)1609.01848.3770.2885.0增速2.6%14.9%3.2%14.9%歸母凈利潤(億元)58.7230.273.199.9增速-21.5%36.6%扣非凈利潤(億元)56.4214.061.890.6增速36.8%46.7%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述2022H1收入增速2023H1收入增速2022H1歸母增速2023H1歸母增速2022H1扣非增速2023H1扣非增速2022Q2收入增速2023Q2收入增速2022Q2歸母增速2023Q2歸母增速2022Q2扣非增速2023Q2扣非增速32.SH%%%4%38.SZ藥%%9%82.SZ%%%%%%%%99.SZ潤三九%35.SH士力73%%%%%85.SH29.SH極集團(tuán)%%0%%7%0%03.SZ%7%%%%22.SH%%%%%29.SH堂%%%%36.SH%%%026.SZ日藥業(yè)%%%%66.SH藥業(yè)%72.SH恩貝%%%90.SZ邦制藥%%%%50.SZ藥業(yè)%%52.SH%%%%%7%%%%4%79.SH業(yè)89.SZ%%%%%4%37.SZ業(yè)%%5%%94.SH佰制藥%%%67.SH島%4%%%%%94%23.SZ24.SZ州百靈8%4%8%147.SZ制藥%39%%%%52%%65%%57.SH康緣藥業(yè)%%%93.SH%%%51.SH業(yè)%76.SH民集團(tuán)%%50.SH中藥業(yè)%%%2%85.SH制藥%%%%17.SZ業(yè)%%%%%75.SZ桂林三金%%%%%7%87.SZ正藏藥%%%5%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述券代碼券簡稱2022H1收入增速2023H1收入增速2022H1歸母增速2023H1歸母增速2022H1扣非增速2023H1扣非增速2022Q2收入增速2023Q2收入增速2022Q2歸母增速2023Q2歸母增速2022Q2扣非增速2023Q2扣非增速22.SH龍藥業(yè)-194%-157%8%%11.SH業(yè)%-12%%%%49.SZ精華制藥%%%%-1%%%98.SH藥%9%8%-17%391.SZ股-148%-156%-13%%%99.SH娃%0%%71.SH譽(yù)遠(yuǎn)%-116%%-107%%-100%-140%181.SZ力藥業(yè)%7%8%%07.SZ藥086.SZ康芝藥業(yè)5%-119%-114%-102%6%039.SZ凱寶%-1%07.SZ森制藥-16%-14%66.SZ盛藥業(yè)-10%%90.SZ神科技%-15%-18%6%73.SZ天藥業(yè)%-19%%12.SZ制藥%%2%64.SZ盤龍藥業(yè)%%%80.SH花股份-1%%2%-13%-113%-11%44.SZ慈制藥%96.SH仙谷9%9%%8%331.SZ威醫(yī)藥-12%-14%6%-14%28.SZ一藥業(yè)0%-18%-10%%39.SH州三力7%%-12%878.SZ維康藥業(yè)-11%-11%-18%6%98.SZ制藥%%%39.SH康惠制藥-10%-17%-14%436.SZ生堂%9%%9%111.SZ萬年青-16%-19%18.SZ藥業(yè)%519.SZ光藥業(yè)-13%-17%90.SZ迪藥業(yè)%%-111%-170%534.SZ0%%-122%3%%-120%50.SZ藥業(yè)-151%1668%%0%%63.SH理藥業(yè)-15%%%%%6%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述H生物、達(dá)安基因、安旭生物、明德生物等之后，2022H12023H12022Q22023Q2收入(億元)1668.21242.3798.9632.8增速17.6%-25.5%-20.8%歸母凈利潤(億元)433.3229.793.525.7增速-2.0%-47.0%扣非凈利潤(億元)417.6203.287.208.8增速6%-51.3%-9.0%-41.9%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述塊來看：集采后價(jià)格同脊柱廠商帶來業(yè)績壓力，如春立醫(yī)療、威高骨科、三友醫(yī)療。2)電生理：電生理受益于手術(shù)滲透率提升、進(jìn)口替代加速、診療IVD如賽科希德。3)新冠檢測相關(guān)產(chǎn)品如抗原等收入大幅下降。收款在有序收回中。證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號未經(jīng)許可，禁止轉(zhuǎn)載23本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述22H1收入增速23H1收入增速22H1歸母增速23H1歸母增速22H1扣非增速23H1扣非增速022Q2收入增速023Q2收入增速022Q2歸母增速023Q2歸母增速022Q2扣非增速023Q2扣非增速075.SH%%%%%%298.SH%%%%%%%%030.SZ安基因%%%%%%%%882.SH域醫(yī)學(xué)%%%6%%%%932.SZ%%%%%%96%%75%%77%606.SH生物%%9%%8%%%4%%%482.SZ物%%%%%%%%%399.SH世生物%%%25%33%244.SZ安診斷%%%%%3%%289.SH物%%%4%%%%639.SZ物%%%%%%068.SH生物%%%%%%%%%%%%767.SH拓生物%%%%%%%%%%317.SH物%%%%%%%%677.SZ療%%%%%%%0%%%575.SH%%%%%%0%%3%%%114.SH大智造%%%%%0%%%463.SZ克生物%%%%%%%942.SZ物4%%%%11%%30%382.SZ帆醫(yī)療%%%387.SH蛋生物%%%%%%%987.SH德萊%%6%%%%%%950.SZ醫(yī)療3%%%%%%%%551.SZ%%37%71%981.SZ%%%59%%%%%529.SZ帆生物%%%%%1%%%%%%369.SH東醫(yī)療%%%%4%%%%%026.SH特生物%%%%%%%%%%%003.SZ%%%%%%%%%%562.SZ%%%%%%%1%42110%439.SZ%%%%289.SZ曼%%%1%%%%273.SZST和佳%%31%%28%%85%44%122.SZ采納股份%%%%%222.SH醫(yī)療%%%%%6%193.SH生物%%%%3%%%%63%453.SZ療7%8%%%%4%901.SZ博醫(yī)療%%%%%%%%710.SZ11%%%%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述22H1收入增速23H1收入增速22H1歸母增速23H1歸母增速22H1扣非增速23H1扣非增速022Q2收入增速023Q2收入增速022Q2歸母增速023Q2歸母增速022Q2扣非增速023Q2扣非增速393.SH%%%%%%%642.SZ景生命%%%%%%326.SZ%%%%%030.SZ%82%80%468.SH美診斷%645.SH%%%%5%%%685.SZ生物%2%%3%1%%%236.SH醫(yī)療%%%%%412.SZ南科技%%%%%238.SZ生物%%07%95%%%653.SZ物%290.SZ%%%%067.SH威科技%%%%351.SH電生理-U5%031%%%%234.SZ療%%%198.SH佰仁醫(yī)療2%4%%%1%0%406.SZ物%8%%%%%430300.BJ光醫(yī)療%16%%613.SH醫(yī)療%%%%%656.SH博%%%6%%8%%658.SH%%%%%%%033.SZ普醫(yī)學(xué)%%%%%%097.SZ益醫(yī)療%217.SH昂基因%%%%%%%013.SH臣醫(yī)療%%%%%%314.SH康拓醫(yī)療%%607.SH康眾醫(yī)療%%%%%%%108.SH醫(yī)療0%6%%%%%%338.SH希德%%753.SZ朋醫(yī)療%%277.SH智航-U%%093.SZ蘭股份%%%%%%016.SH醫(yī)療%%%595.SZ%%%%085.SH療%%%%049.SZ瑞股份%1%%273.SH德%%%%%301.SH德醫(yī)療%%%%%%298.SZ物%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述22H1收入增速23H1收入增速22H1歸母增速23H1歸母增速22H1扣非增速23H1扣非增速022Q2收入增速023Q2收入增速022Q2歸母增速023Q2歸母增速022Q2扣非增速023Q2扣非增速580.SH思醫(yī)療%%%%%%212.SH內(nèi)鏡%%%34%74%024%055.SH療%%%161.SH高骨科%%%%%%246.SZ%%%%63%37%677.SH泰新光5%626.SH宇醫(yī)療%%9%1%%%1%050.SH博醫(yī)療9%314.SZ維醫(yī)療%%8%%3%%%309.SH維力醫(yī)療358.SH生醫(yī)療%8%8%%253.SH%%%1%%22%%389.SH科技%%%%3%8%8%318.SZ暉創(chuàng)新%%880.SH份%%0%98%%21%363.SZ0%4%%%3%8%617.SH醫(yī)療4%2%0%633.SZ醫(yī)療%%%396.SZ瑞醫(yī)療%%%%%029.SH學(xué)235.SZ康醫(yī)療0%6%301.SH技%8%%139.SH爾生物%%%%1%%410.SH%%%%%%%%832.SZ產(chǎn)業(yè)7%366.SH海生科%%3%2%%073%358.SZ科技%%%%%%%%869.SZ康泰醫(yī)學(xué)%9%%%%%%%%171.SZ%%%529.SH%%%%206.SZ邦儀器%%%%%087.SZ醫(yī)療%%%%367.SZ和嘉業(yè)7%%%587.SH華醫(yī)療2%%022.SZ華生物%%%%%%%39%%73%271.SH影醫(yī)療%%%%8%%%223.SZ醫(yī)療0%%%%760.SZ瑞醫(yī)療%%%%%%%%%%%%515.SZ醫(yī)療%576.SH技%581.SH4%4%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述服務(wù)板塊收入增速為30.7%，扣非凈利潤增速為123.2%；其中Q2板塊收入增速為32.9%，扣非凈利潤增速為78.5%；Q22022H12023H12022Q22023Q2收入(億元)234.8306.821.461.3增速7.0%30.7%-6.8%32.9%歸母凈利潤(億元)40.322.7增速132.3%-20.0%93.0%扣非凈利潤(億元)38.423.2增速123.2%78.5%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述代碼簡稱22H1收入增速23H1收入增速22H1歸母增速23H1歸母增速22H1扣非增速23H1扣非增速22Q2收入增速23Q2收入增速22Q2歸母增速23Q2歸母增速22Q2扣非增速23Q2扣非增速300015.SZ愛爾眼科300896.SZ愛美客0%688363.SH華熙生物2%%-10%-13%5%%-18%600763.SH通策醫(yī)療-16%-16%%4%%%%%301267.SZ華廈眼科0%1%%%-16%002219.SZ新里程03%50%9%724%%%301103.SZ何氏眼科%%-11%%%1%301239.SZ普瑞眼科%5%%-19%%20%%3%002173.SZ創(chuàng)新醫(yī)療%%%690%%%002524.SZ光正眼科%04%08%9%06%%33%47%07%43%002044.SZ美年健康-13%1%6%02%00%%7%901%75%930%72%300143.SZ盈康生命2%9%03%9%0%4%000516.SZ國際醫(yī)學(xué)-18%%7%%1%-12%301293.SZ三博腦科%%9%%%%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述通板塊財(cái)務(wù)指標(biāo)2022H12023H12022Q22023Q2收入(億元)4441.55141.62228.82559.7增速7.2%15.8%4.9%14.8%歸母凈利潤(億元)19.021.671.362.4增速-4.8%2.2%7.0%扣非凈利潤(億元)04.012.757.956.5增速5.2%8.3%5.7%-2.4%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述2022H1收入增速2023H1收入增速2022H1歸母增速2023H1歸母增速2022H1扣非增速2023H1扣非增速2022Q2收入增速2023Q2收入增速2022Q2歸母增速2023Q2歸母增速2022Q2扣非增速2023Q2扣非增速07.SH醫(yī)藥%%%%%98.SH%%28.SZ%%%50.SZ股%%4%%%%13.SH藥7%%%11.SH%%78.SZ王生物%%%%%%56.SH%%%11.SZ團(tuán)%%%2%62.SZ堂33.SH參林%%%%%%%%83.SH姓%%%%39.SH豐藥房%%%%%%88.SZ燕醫(yī)藥68.SH柳藥集團(tuán)%%%%%%27.SZ%%%%%08.SH達(dá)醫(yī)療%%%%29.SH同泰%5%%5%%%017.SZ玉平民%%%%%%%66.SH之佳%4%%%%0%3%015.SZ藥1%%%%2%%05.SZ震元1%937.SZ購%%%%18%59%126.SZ嘉維康%%%%%%%408.SZ人健康%%%%33.SH一醫(yī)藥%%%%%%16.SH醫(yī)療%%91%%%22.SH富中國%%%72.SH實(shí)業(yè)%%%05%%%%%190%%68.SZ股%%%%8%%%%370.SZ%%%%%2%%1%%7%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述服務(wù)與CRO?科研服務(wù)：H國產(chǎn)替代主線公司常規(guī)業(yè)務(wù)收入在下游需求增長不足行業(yè)競爭加劇下仍實(shí)現(xiàn)不錯(cuò)增長，且23Q2環(huán)比23Q1進(jìn)一步提升。財(cái)務(wù)指標(biāo)H1H12022Q12023Q12022Q22023Q2收入(億元)增速歸母凈利潤(億元)增速-13%扣非凈利潤(億元)%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號源：Wind，華創(chuàng)證券(剔除部分?jǐn)?shù)據(jù)不完整的公司)本周關(guān)注：醫(yī)藥行業(yè)2023年半年報(bào)業(yè)績綜述服務(wù)與CRO?CRO：衍新藥利潤端波動以及睿智醫(yī)藥22H1置出益生元業(yè)務(wù)產(chǎn)生的10億元左右投資收益是板塊歸母增速和收入增速不匹配的主要原因。CRO司如普蕊斯、諾思格等。CRO財(cái)務(wù)指標(biāo)2H13H12022Q12023Q12022Q22023Q2收入(億元)增速歸母凈利潤(億元).4增速-15%扣非凈利潤(億元)9%證監(jiān)會審核華創(chuàng)證券投資咨詢業(yè)務(wù)資格批文號：證監(jiān)許可(2009)1210號源：Wind，華創(chuàng)證券(剔除部分?jǐn)?shù)據(jù)不完整的公司)?維持推薦：維力醫(yī)療、振德醫(yī)療、澳華內(nèi)鏡、開立醫(yī)療、邁瑞醫(yī)療、普門科技、春立醫(yī)療、迪瑞醫(yī)療、海泰新光、金域醫(yī)學(xué)、和百普賽斯、華大智造、畢得醫(yī)藥。推薦標(biāo)的盈利預(yù)測推薦標(biāo)的盈利預(yù)測表歸母凈利潤(億元)(億