【直报网5月4日讯】（证券日报）尽管A股指数一路高歌猛进，但是某些行业的基本面却落后于指数的增长。尽管对于“股市是经济的晴雨表”之说，各有见地，但面对行业估值与行业基本面越来越大的背离，多一分小心应该不是坏事。

CNDSN (Securities Daily News Network May 4th) although the A stock index surging, but the fundamentals in some industries has lagged behind the growth index. Although "the stock market is a barometer of the economy", the insightful, but deviate from the face of the industry valuation and industry fundamentals more and more, more care should not be a bad thing.

虽然面临着药品降价等风险，但2014年医药行业总体业绩仍然喜人。

Although faced with the risk of drug prices, but in 2014 the pharmaceutical industry's overall performance is still gratifying.

数据显示，2014年，199家上市医药企业实现营业收入7079.4亿元，2013年该值为6215.7亿元，同比增长13.89%；实现归属于上市公司股东的净利润534.5亿元，2013年该值为457.2亿元，同比增长16.9%。

Data show that in 2014, 199 listed pharmaceutical enterprises operating income 707940000000 yuan, the value of 621570000000 yuan in 2013, an increase of 13.89%; attributable to shareholders of the listing Corporation's net profit of 53450000000 yuan, the value of 45720000000 yuan in 2013, an increase of 16.9%.

据同花顺数据，按照申银万国行业分类，医药行业199家上市公司中，154家上市公司业绩出现不同程度的上涨，占比为77.3%。其中有96家上市公司业绩增幅超过20%。

According to flush data, according to the SW industry classification, pharmaceutical industry 199 listing Corporation, 154 listing Corporation performance rose to varying degrees, accounting for 77.3%. There are 96 listing Corporation performance increase of more than 20%.

“随着医保控费、药品价格下降，医药企业的发展也将受到限制。”但与此同时，行业人士向记者表示，“其也蕴藏了诸多改革和并购重组的机遇”。

"With the Medicare control costs, drug prices, the development of pharmaceutical enterprises will be limited." But at the same time, industry insiders told reporters, "it also contains a lot of reforms and mergers and acquisitions opportunities".

13家公司利润超10亿元

13 companies profit over 1000000000 Yuan

数据显示，2014年，净利润为正值的上市公司有192家，净利润为负值的上市公司仅有7家。或许也正因为此，投资医药板块一直被认为可“旱涝保收”。

Data show that in 2014, net profit is positive listing Corporation 192, net profit is negative the listing Corporation only 7. Perhaps because of this, the pharmaceutical sector investment has been considered to be "hanlaobaoshou".

据记者统计，医药行业中，有13家上市公司2014年实现归属于母公司股东的净利润超过10亿元。其中有医药商业公司1家，8家中药公司，1家生物制品公司，4家化学制药上市公司。

According to statistics, the pharmaceutical industry, there are 13 listing Corporation in 2014 net profit attributable to shareholders of the parent company of more than 1000000000 yuan. There are 1 pharmaceutical Business Companies, 8 Chinese companies, 1 biological products company, 4 Chemical Pharmaceutical listing Corporation.

上海医药2014年实现营业收入923.98亿元，实现归属于上市公司股东的净利润为25.91亿元，同比增长17%，是整个医药行业中利润最多的上市公司。值得注意的是，上海医药也是医药商业板块唯一一家净利润超十亿元的上市公司。

Shanghai medicine in 2014 operating income 92398000000 yuan, net profit attributable to shareholders of the listing Corporation for 2591000000 yuan, an increase of 17%, is the most profitable in the pharmaceutical industry listing Corporation. It is worth noting that Shanghai pharmaceutical pharmaceutical business sector is only a net profit of over one billion yuan of listing Corporation.

云南白药依然是中药板块上市公司中的盈利王。数据显示，云南白药实现营业收入188.14亿元，同比增长18.97%，实现归属于上市公司股东的净利润为25.06亿元，同比增长7.95%。此外，康美药业实现营业收入159.49亿元，同比增长19.39%。实现归属于上市公司股东的净利润为18.79亿元，同比增长21.6%。康美药业是中药板块净利润第二的企业。此外，中恒集团、吉林敖东、天士力、东阿阿胶、白云山、华润三九等中药板块上市公司2014年实现归属于上市公司的净利润也超过了十亿元。

Yunnan Baiyao is still the traditional Chinese medicine sector listing Corporation profit king. Data show that Yunnan Baiyao achieved operating income of 18814000000 yuan, an increase of 18.97%, net profit attributable to shareholders of the listing Corporation for 2506000000 yuan, an increase of 7.95%. In addition, the U.S. pharmaceutical achieved operating income of 15949000000 yuan, an increase of 19.39%. Net profit attributable to shareholders of the listing Corporation for 1879000000 yuan, an increase of 21.6%. Kangmei pharmaceutical medicine sector is second of the net profits of enterprises. In addition, the constant group, Jilin Fushun, Dong'e E-Jiao, Baiyun Mountain, Tasly, Huarun three nine Chinese plate listing Corporation in 2014 net profit attributable to listing Corporation has more than one billion yuan.

复星医药去年年报显示，公司实现营业收入120.25亿元，实现归属于上市公司股东的净利润为21.12亿元，同比增长33.51%。复星医药是生物医药板块唯一实现净利润过十亿元的上市公司。

Fosunpharma report last year, the company achieved operating income of 12025000000 yuan, net profit attributable to shareholders of the listing Corporation for 2112000000 yuan, an increase of 33.51%. Fosun is the only biomedical sector to achieve a net profit of one billion yuan of listing Corporation.

在化药板块，恒瑞医药实现营业收入74.52亿元，同比增长20%，实现归属于上市公司股东的净利润为15.15亿元，同比增长近22%，是化药板块净利润最多的上市公司。此外，信立泰、科伦药业、新和成等化药上市公司业绩也靠前。

In the medicine sector, Hengrui medicine achieved operating income of 7452000000 yuan, an increase of 20%, net profit attributable to shareholders of the listing Corporation for 1515000000 yuan, an increase of nearly 22%, is a listing Corporation of most drugs sector net profit. In addition, salubris, Kelun, etc. and into the new drug listing Corporation performance front.

Medical devices deliver good still need time

近年来受国家政策支持不断加大的影响，医疗器械板块成为市场追逐的热点。

In recent years, affected by the increase of the support of national policy, the medical device sector has become a hot market chase.

据渤海证券的研究报告，市场调查公司ResearchandMarkets在调查了亚洲排名前100名的医药器械公司业务趋势后发布预测报告指出，亚洲地区（不含日本市场）的医药器械市场在未来几年将出现大规模增长，生物医疗器械市场的增幅将超过10%。预测显示，2017年亚洲医疗器械市场规模将达到150亿美元。

According to the Research Report of Bohai securities, the market survey firm ResearchandMarkets in the investigation of the medical equipment business trends in the Asian top 100 released forecast report, Asia (excluding Japan) medical equipment market will have a massive growth in the next few years, bio medical equipment market will increase by more than 10%. Forecast, 2017 Asian medical equipment market scale will reach $15000000000.

值得一提的是，虽然国家提出了一系列的推动医疗器械国产化的政策，但受限于我国医疗器械公司在研发、技术上的劣势，国内高端医疗器械设备领域还是国外企业占主体。“从进出口结构上来看，我国医疗器械出口以一次性耗材和中低端诊断治疗器械为主，进口则以高端诊疗设备为主。我国医疗器械行业由国外跨国公司主导高端价值链。”上述政策目前还不能对上市公司产生明显的利好。

It is worth mentioning that, although the country put forward a series of policies to promote the localization of medical devices, but limited by China's medical equipment companies in research and development, technical disadvantage, the field of domestic high-end medical equipment or foreign enterprises accounted for the main body. "From the import and export structure, China's exports of medical equipment and disposable supplies to the diagnosis and treatment of low-end equipment mainly imported in high-end medical equipment. China's medical device industry by foreign Multi-National Corporation leading high-end value chain." The policy is not currently on the listing Corporation have obvious positive.

据同花顺数据显示，2014年，我国国内22家医疗器械上市公司总的营业收入为211.68亿元，2013年该值为165.97亿元，2014年同比增长仅45.71亿元。2014年，这22家上市公司实现归属于上市公司股东的净利润为28.72亿元，2013年该值为24.31亿元，2014年同比仅增长4.41亿元。

According to flush data show that in 2014, China's 22 domestic medical listing Corporation total operating income was 21168000000 yuan, the value of 16597000000 yuan in 2013, an increase of only 4571000000 yuan in 2014. In 2014, the 22 listing Corporation net profit attributable to shareholders of the listing Corporation for 2872000000 yuan, the value of 2431000000 yuan in 2013, an increase of only 441000000 yuan in 2014.

具体来看，新华医疗是国内医疗器械领域规模较大的上市公司，2014年，公司实现营业收入62亿元，实现归属于上市公司股东的净利润为3.26亿元。

Specifically, Xinhua medical listing Corporation, the domestic medical equipment field of large scale in 2014, the company achieved operating income of 6200000000 yuan, net profit attributable to shareholders of the listing Corporation for 326000000 yuan.

“我国医疗器械消费占比显著低于国际平均水平，未来医疗器械行业具有广阔的成长空间。但从相关公司的规模和实力来看，还与国外企业有着较大差距，利好真正兑现还需要时间。”一位行业人士向记者表示。

"China's medical consumption accounted for significantly lower than the international average level, the future of the medical device industry has a broad space to grow. But from the Related Companies's size and strength, but also has a large gap with foreign enterprises, positive real honor also need time." An industry source told reporters.

行业暗藏投资机遇

Industry potential investment opportunities

“虽然政策有诸多变化，但对于某些药企来说，日子并没有想象的难捱。”一位医药行业观察人士向记者透露，“对于一些小企业来说生存压力大一些，但也给了一些规模、实力较大的企业以并购的机会。此外，一些企业受限于行业的变化，也会进行内部改革，而这也给了投资者机会”。

"Although there are many policy changes, but for some companies did not think hard." A pharmaceutical industry observers told reporters, "for some small businesses to survive some pressure, but also to some scale, the strength of large enterprises to merger opportunities. In addition, some enterprises due to the change of the industry, will also carry out internal reforms, which also gave investors the opportunity".

上述观察人士向记者表示，医药行业细分领域发生的变化值得投资者注意。

These observers told reporters that the changes of segments of the pharmaceutical industry is worth the attention of investors.

例如医药分销行业。“分销企业最大的特点是规模化，只有形成规模，才能和上下游企业进行谈判，提升毛利率。”一位医药分销行业上市公司人士向记者介绍，但目前的格局是，每个区域都有龙头分销企业，而这些企业选择的是地域垄断，而非是强强联合。“我们想并购其他企业，但是这些企业要么是并购成本较高，要么自身已经实现上市。”

Such as medicine distribution industry. The distribution characteristics of enterprises is the largest scale, only the formation of scale, and to the upstream and downstream enterprises to negotiate, improve gross margin." A pharmaceutical distribution industry listing Corporation told reporters, but the current pattern, each region has the leading distribution enterprises, and these enterprises choose the regional monopoly, rather than a combination. "We want to buy other companies, but these companies are either merger or its high cost, have achieved market."

但从行业角度来看，医药分销行业进入了增长的瓶颈。“医保控费、药品价格改革和各地招标政策的陆续出台等因素或导致医院终端销售增速持续放缓，医药流通行业已步入微利时代，也倒逼业内企业必须全面提升软实力，为应对行业新形势而不断进行战略调整。”一家上市公司在年报中表示。

But from the view of industry, pharmaceutical distribution industry has entered the bottleneck of growth. "Controlling health care costs, drug price reform and local bidding policies and other factors leading to the hospital or the terminal sales growth continued to slow, the pharmaceutical distribution industry has entered the era of meager profit, also forced the enterprises must enhance the soft power, to cope with the new situation and the ongoing strategic adjustment of industry." A listing Corporation in the annual report said.

如何改革成为外界关注的焦点。南京医药公司作为老牌国企，启动了混合所有制改革，引入联合博姿（全球最大医药商业企业）参股；桐君阁拟将以资产置换、发行股份购买资产、股份转让以及募集配套资金的方式，与光伏企业中节能太阳能科技股份有限公司进行资产置换及相关交易；包括上海医药、九州通等企业在内的医药流通企业则利用自身优势发展医药电商业务。▲

How to reform and become the focus of the outside world. Nanjing Medicines Co as the old state-owned enterprises, start a mixed ownership reform, the introduction of alliance boots (the world's largest pharmaceutical commercial enterprises) TongJunGe equity; replacement of assets, intends to issue shares to buy assets, the transfer of shares and raise matching funds, asset replacement and related transactions with the solar energy industry in Shanghai including the Guang Fuqi Polytron Technologies Inc; medicine, Kyushu and other enterprises, pharmaceutical circulation enterprises use their own advantages to the development of the pharmaceutical business electricity supplier. 3

责任编辑：小申

Editor: small Shen