集采下业绩承压，创新管线陆续迎来转化

研究报告Research Report 24 Apr 2024 康哲药业 China Medical System Holdings (867 HK) 集采下业绩承压，创新管线陆续迎来转化 Earnings Under Pressure Due to VBP, Expecting Transformation of Innovative Pipeline [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件 评级 优于大市OUTPERFORM 现价 HK$7.10 康哲药业公布 2023 年业绩：营业额 80.1 亿元（-12.4%）；若全按 目标价 HK$9.90 药品销售收入计算，营业额 94.7 亿元（-9.8%）。毛利率 76.2% HTI ESG 2.0-2.5-4.0 （-0.7pct）；销售费用 25.1 亿元（-7.7%），销售费用率 31.3% E-S-G: 0-5, (Please refer to ...