金吾财讯 | 海通国际发研指，上海医药(02607)一季度实现营收707.6亿元，同比+0.9%。归母净利润13.3亿元，同比-13.6%，主要受工业利润贡献下滑影响，部分受一次性损失（3月子公司上海信谊联合罚款损失约1.66亿元）和资产处置损失约1000万元（去年同期为资产处置收益1.1亿元）影响；扣非归母净利润12.6亿元，同比-8.1%。该行指，公司医药商业板块（分销+零售）一季度实现收入648.8亿元，同比+2.6%。该行认为在医药流通大环境整体复苏较慢的背景下，上海医药的医药商业展现出较强的业绩韧性，主要由医药商业创新业务拉动。药品合约销售CSO业务收入超18亿元，同比+9.9%；创新药分销业务收入125亿元，同比+23.2%，其中进口总代业务收入86亿元，同比+9.0%；器械大健康业务收入109亿元，同比+6.9%。商业板块贡献利润8.3亿元，同比基本持平。该行续指，公司医药工业板块一季度实现收入58.9亿元，同比-15.3%（主要受去年基数较高影响），环比+8.0%。研发投入6.1亿元，其中研发费用5.0亿元，同比基本持平。工业板块贡献利润5.3亿元，同比-21.4%。该行表示，使用现金流折现模型及FY26-FY33的现金流进行估值，基于WACC6.2%、永续增长率3%、港股对A股折价60%（均不变），维持公司目标价HKD13.73，维持公司“优于大市”评级。当前股价分别对应2025/26年7.4/6.7倍P/E。
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