复星医药分析报告.doc

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

2、oductsaremainlyusedinthetreatmentofmetabolismanddigestivetractsystem,cardiovascularsystem,centralnervoussystem,bloodsystemandanti・infectiondiseases,alsoinvolvesindrugdistributionandretail,medicalequipmentandmedicaldiagnosisbusiness,aswellastheprovisionofmedicalservices・ShanghaiFosunPharmaceutical(G

3、roup)StockCode600196(SH)2196(HK)SharesY1.90BPrice@Oct22¥10.62MarketCapY20.2BEPS¥0.53P/E(ttm)20.2P/E(11A)17.4P/E(12E)153P/B1.9952wkRange:¥7.95-11.982.OverviewofChinaPharmaIndustryChina,5thGlobalHealthcareMarket•Chinaranked5thgloballyintermsofhealthcareexpendituresin2011•HealthcareexpendituresinChina

4、experieneedsign讦icantgrowth,increasingfromUS$123.5billionin2006toUS$299.0billionin2011,representingaCAGRof19.3%.Expenditurepercapitastaysatlowlevel•China'stotalhealthcareexpendituresaccountedforapproximately4.6%ofGDPin2011,comparedto17.3%fortheUSA.•China'spercapitahealthcareexpenditureswasUS$222in2

5、011,thelowestamongthetoptenmarketsYear2011HealthcareExpenditurePercentageofGDPChinapharmacymarketrapidgrowthcontinues•China'stotalhealthcareexpenditureswillcontinueincreasingrapidlyasaresultof•Increasingdisposableincomeandhealthawareness•Agingpopulation,increasedlifeexpectancyandlifestylechanges•Ac

6、tivePRCgovernmentsupport•IncreasingcoverageofsocialmedicalinsuraneeinChina•Increasingaccesstohealthcareinruralareas•AccordingtothestatisticsofFrost&Sullivan,totalhealthcareexpenditureinChinawillgrowataCAGRof17.8%from2012to2016,andreachUS$668.1billionin2016.MarketScaleofChinaPharmacy(inretailprice)H

7、ealthcareReformPlanfundingstimulatesmarket•PRCgovernmentpublishedadraftplantoincreaseavailabilityandlowerthecostsofhealthcareservicesforPRCcitizens,newfundingforthehealthcareindustryisestimatedtobeRMB850.0b