【东北医药刘宇腾】华润三九（000999）动态点评：收购天士力28%股权，深化中药全产业链布局

东北证券研究所08-08

8月4日华润三九受让天士力集团及其一致行动人股份，根据协议，华润三九拟以支付现金的方式购买其所持有的天士力418百万股股份（占已发行股份的28%），股份转让协议项下标的股份的每股转让价格为人民币14.85元，标的股份转让总价款为人民币62.12亿。本次权益变动后，天士力集团及其一致行动人合计持有公司2.61亿股，占公司总股本17.50%，同时承诺放弃5%股份对应的表决权，保留12.50%股份对应的...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2457862213?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-08-08 08:53","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2457862213","market":"sh","top_or_hot":-1,"title":"【东北医药刘宇腾】华润三九（000999）动态点评：收购天士力28%股权，深化中药全产业链布局","media":"东北证券研究所","content":"<div>\n<p>8月4日华润三九受让天士力集团及其一致行动人股份，根据协议，华润三九拟以支付现金的方式购买其所持有的天士力418百万股股份（占已发行股份的28%），股份转让协议项下标的股份的每股转让价格为人民币14.85元，标的股份转让总价款为人民币62.12亿。本次权益变动后，天士力集团及其一致行动人合计持有公司2.61亿股，占公司总股本17.50%，同时承诺放弃5%股份对应的表决权，保留12.50%股份对应的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202408080927569f18bb43&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【东北医药刘宇腾】华润三九（000999）动态点评：收购天士力28%股权，深化中药全产业链布局</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【东北医药刘宇腾】华润三九（000999）动态点评：收购天士力28%股权，深化中药全产业链布局\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-08 08:53 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202408080927569f18bb43&s=b><strong>东北证券研究所</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>8月4日华润三九受让天士力集团及其一致行动人股份，根据协议，华润三九拟以支付现金的方式购买其所持有的天士力418百万股股份（占已发行股份的28%），股份转让协议项下标的股份的每股转让价格为人民币14.85元，标的股份转让总价款为人民币62.12亿。本次权益变动后，天士力集团及其一致行动人合计持有公司2.61亿股，占公司总股本17.50%，同时承诺放弃5%股份对应的表决权，保留12.50%股份对应的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202408080927569f18bb43&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0239","symbol_name":"医药制造","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202408080927569f18bb43&s=b","article_id":"2457862213","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202408080927569f18bb43&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2457862213","pubTimestamp":1723078421,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"华润三九坚持“品牌+创新”双轮驱动，收购天士力将显著提升公司的创新研发能力、快速补充创新中药管线。公司治理方面，华润三九将提名不少于五名董事及天士力董事长。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159938":"医药","600535":"天士力","BK0239":"医药制造","BK0175":"白马股","BK0010":"央企","000999":"华润三九","BK0188":"融资融券","BK0185":"二线龙头","BK0028":"国家队","BK0060":"抗癌","BK0183":"MSCI概念","BK0012":"证金概念","BK0196":"行业龙头"},"translate_title":"[Northeast Medicine Liu Yuteng] China Resources Sanjiu (000999) Dynamic Comments: Acquisition of 28% equity of Tasly to deepen the layout of the entire industry chain of traditional Chinese medicine","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159938":1,"600535":1,"000999":1},"content_text":"8月4日华润三九受让天士力集团及其一致行动人股份，根据协议，华润三九拟以支付现金的方式购买其所持有的天士力418百万股股份（占已发行股份的28%），股份转让协议项下标的股份的每股转让价格为人民币14.85元，标的股份转让总价款为人民币62.12亿。本次权益变动后，天士力集团及其一致行动人合计持有公司2.61亿股，占公司总股本17.50%，同时承诺放弃5%股份对应的表决权，保留12.50%股份对应的表决权；华润三九将直接持有公司28%股权及对应的表决权，天士力控股股东将由天士力集团变更为华润三九，实际控制人变更为中国华润。点评：深入中药全产业链布局，增强上市公司核心竞争力。本次收购有利于巩固华润三九在中药行业中的领先地位，此前公司澳诺、圣火收购后均表现出了较好的协同赋能作用。华润三九坚持“品牌+创新”双轮驱动，收购天士力将显著提升公司的创新研发能力、快速补充创新中药管线。天士力建有现代中药创制全国重点实验室，在现代中药领域具有产品和研发的领先优势，为创新中药标杆企业。2023年天士力研发投入占医药工业收入比例达17.73%，截至2023年年末拥有98款在研产品的研发管线，其中现代中药布局25款产品，包括18款1类创新药；枇杷清肺饮、温经汤2款已提交生产申请，19款产品处于临床II、III期研究阶段，治疗领域覆盖心脑血管、消化代谢、肿瘤、中枢神经等。五年内解决同业竞争，华润赋能公司治理：天士力的医药零售连锁业务与中国华润下属华润医药集团有限公司的零售连锁业务存在同业竞争，天士力生产的右佐匹克隆片与中国华润控制的华润三九生产的佐匹克隆片存在同业竞争。华润三九承诺自本次交易完成后五年内，按照法定程序通过包括但不限于托管、资产（股权）转让、业务整合等方式解决承诺方及其控制的下属企业与天士力及其控制的下属企业之间现存的上述同业竞争问题。公司治理方面，华润三九将提名不少于五名董事及天士力董事长。盈利预测及投资建议：暂不考虑此次并购影响的情况下，我们预计公司2024-2026年营收分别为277.45、308.60、343.85亿，同比增速分别为12.15%、11.23%、11.42%，归母净利润分别为33.12、37.81、43.20亿，同比增速分别为16.10%、14.14%、14.27%，对应当前股价PE分别为16、14、13倍，维持“买入”评级。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2457862213"}