复星医药分析报告

《复星医药分析报告》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、FosunPharmaceuticalAnalysisReport1.OverviewofFosunPharmaShanghaiFosunPharmaceutical(Group)Co.,Ltd,isaleadinghealthcarecompanyinChinaMainlandwithbusinessoperationsstrategicallycoveringmultipleimportantsegmentsinthehealthcareindustryvaluechain,listedbothinShanghaiandHongKongstockmarket.TheCompany'

2、sproductsaremainlyusedinthetreatmentofmetabolismanddigestivetractsystem,cardiovascularsystem,centralnervoussystem,bloodsystemandanti-infectiondiseases,alsoinvoIvesindrugdistributionandretail,medicalequipmentandmedicaldiagnosisbusiness,aswellastheprovisionofmedicalservices.ShanghaiFosunPharmaceut

3、ical(Group)StockCode600196(SH)2196(HK)SharesY1.90BPrice@Oct22¥10.62MarketCapY20.2BEPS¥0.53P/E(ttm)20.2P/E(11A)17.4P/E(12E)15.3P/B1.9952wkRange:¥7.95-11.982.OverviewofChinaPharmaIndustryChina,5thGlobalHealthcareMarket•Chinaranked5thgloballyintermsofhealthcareexpendituresin2011•Healthcareexpenditu

4、resinChinaexperiencedsigrdficantgrowth,increasingfromUS$123.5billionin2006toUS$299.0billionin2011,representingaCAGRof19.3%.Expenditurepercapitastaysatlowlevel•China'stotalhealthcareexpendituresaccountedforapproximately4.6%ofGDPin2011,comparedto17.3%fortheUSA.•China'spercapitahealthcareexpenditur

5、eswasUS$222in2011,thelowestamongthetoptenmarketsYear2011HealthcareExpenditurePercentageofGDPChinapharmacymarketrapidgrowthcontinues•China'stotalhealthcareexpenditureswillcontinueincreasingrapidlyasaresultof•Increasingdisposableincomeandhealthawareness•Agingpopulation,increasedlifeexpectancyandli

6、festylechanges•ActivePRCgovernmentsupport•IncreasingcoverageofsocialmedicalinsuranceinChina•Increasingaccesstohealthcareinruralareas•AccordingtothestatisticsofFrost&Sullivan,totalhealthcareexpenditureinChinawillgrowataCAGRof17.8%from2012to2016,andreachUS$668.1billionin2016.MarketScaleofChinaPhar

7、macy(inretailprice)HealthcareReformPlanfundingstimulatesmarket•PRCgovernmentpublishedadraftplantoincreaseavailabilityandlowerthecostsofhealthcareservicesforPRCcitizens，newfundingforthehealthcareindustryisestimatedtobeRMB850.