【一般推荐】医药丁丹/杨松:人福医药(600079)医疗服务持续拓展推进

作者: 国泰君安证券研究
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医疗服务领域战略布局持续推进,维持增持评级。公司近日公告称与钟祥市人民政府签署《钟祥市中医院合作框架协议书》,双方将共同组建成立医院管理公司,重组钟祥市中医院,并负责相关管理和运营工作。公司医疗服务领域战略布局持续稳步推进,目前已布局8家医院,为公司中长期发展奠定坚实基础。维持公司2015-2017年预测EPS为0.47、0.61、0.75元,维持公司增持评级,目标价25元。

全方位,多模式布局医疗服务。公司从2014年下半年开始布局钟祥市人民医院,截止目前公司已与湖北省钟祥市、宜昌市、孝感市、黄石市、老河口市和浙江省临安市等地的8家医院展开合作或运营。公司已明确医疗服务作为战略领域布局,并计划未来3-5 年内在湖北省内通过收购、合作、新建等多种模式运营管理20家以上的医院,未来公司有望打造成为湖北省医疗服务龙头集团。

制药品种注册申请进展顺利,培育新利润增长点。公司在主营制药业务上持续推进品种布局,近期已公告:人凝血因子Ⅷ、咪达唑仑、枸橼酸舒芬太尼(增加适应症)获得CFDA药物临床试验批件,盐酸美金刚片获得FDA的ANDA批文,生殖健康药物黄体酮原料药获得CFDA药品补充申请批件。公司在制药领域稳健布局,有利于培育新的利润增长点。

风险提示:服务领域整合进度低于预期,新品种获批低于预期

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