智通财经APP获悉，招商证券国际发布研报称，维持华润医药(3320)增持评级，预计在2026财年及之后将出现估值重估的机会。同时引入了2026至2027财年的预测，并将估值基础伸延至2026年底，将目标价由8.1港元下调至5.9港元，对应2026年及2027年市盈率各9倍及8倍，维持“增持”评级。
华润医药业绩符合该行预期，整体业绩稳健。上半年公司实现营业收入1,318.67亿元人民币(下同)，同比增长2.5%，净利润20.77亿元，同比跌20.3%。整体毛利率保持16.3%的稳定水平。销售费用率7.6%，管理费用率2.4%，研发投入达12.5亿元。净利润下滑主要受联营企业减值等一次性因素影响，若剔除该影响，经调整净利润同比跌4.7%，反映主营业务整体经营仍较为稳健。公司中期派息每股0.072元。
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