摩根士丹利发表研究报告指，固生堂(02273.HK) 上日(11日)股价大幅调整，相信是由于市场忧虑中药药材片剂带量采购扩展到私营中医医院。目前，私营医院并未强制参加带量采购，但北京当地卫生局最近要求私营医院上报销售，引发市场对带量采购的范围和对固生堂等私营企业影响的关注。
大摩表示，如果固生堂在北京的45种药材采购转为带量采购，估计对受影响项目的毛利率影响约为4个百分点，对北京业务的整体毛利率影响约为3个百分点，对集团北京业务净利润的影响约为2个百分点，而北京业务在去年上半年占集团营收10%。
由于目前仍不确定北京是否会继续扩大带量采购的范围，该行预计集团将于今年实现收入增长20%以上，利润增长则料25%以上。该行予集团“增持”评级，目标价62元。(sl/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-11 16:25。)
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