中信证券：医药行业跟踪报告—行业景气继续回升，中报业绩值得关注

16页 07.03

目 录
行业经营形势继续好转··································································································································································2
各子行业运行情况令人满意··························································································································································2
2007 年中期主要上市公司业绩预览·············································································································································5
中报业绩概述·······································································································································································5
中期业绩分析·······································································································································································5
部分重点公司动态跟踪··································································································································································7
双鹤药业（买入，维持） ···················································································································································7
国药股份（买入，维持） ···················································································································································7
上海医药（买入，维持） ···················································································································································8
康美药业（买入，维持） ···················································································································································8
千金药业（增持，维持） ···················································································································································9
江中药业（增持，维持） ···················································································································································9
三九医药（增持，首次） ···················································································································································9
华东医药（增持，维持） ·················································································································································10
医药行业最新动态·········································································································································································10
卫生部部长变动不影响医改大方向··································································································································10
“十一五”规划纲要发布显示医改决心··························································································································10
大宗原料药有涨有跌，上市公司业绩逐渐改善··············································································································11
坚持内外并举的投资策略····························································································································································14
插图目录
图1：2005-2007 年医药行业月度销售收入和利润总额及其增长情况（累计） ..................................................................2
图2：2005-2007 年化学原料药行业月度销售收入和利润总额及其增长情况（累计）...............................................................2
图3：2005-2007 年化学制剂行业月度销售收入和利润总额及其增长情况（累计） ..........................................................3
图4：2005-2007 年中成药行业月度销售收入和利润总额及其增长情况（累计） ..............................................................3
图5：2005-2007 年中药饮片行业月度销售收入和利润总额及其增长情况（累计） ..........................................................3
图6：2005-2007 年生物制药行业月度销售收入和利润总额及其增长情况（累计）...................................................................4
图7：2005-2007 年医疗器械行业月度销售收入和利润总额及其增长情况（累计）...................................................................4
图8：2005-2007 年青霉素工业盐及VC 量价趋势.....................................................................................................................12
图9：2005-2007 年VA 和VE 量价趋势....................................................................................................................................12
图10：2005-2007 年VB2 和VB5 量价趋势..............................................................................................................................12
图11：2005-2007 年地塞米松和可的松系列量价趋势...............................................................................................................13
图12：2005-2007 年6-APA 及7-ACA、7-ADCA 量价趋势......................................................................................................13
图13：2005-2007 年头孢拉啶和头孢曲松量价趋势..................................................................................................................13
表格目录
表1：中信证券覆盖的重点医药上市公司2007 年中期业绩预测...........................................................................................5
表2：卫生事业发展“十一五”规划纲要主要内容提要......................................................................................................11
表3：中信证券覆盖的重点医药上市公司盈利预测及投资建议..........................................................................................14