昆药集团：集采续约平稳落地圣火并表未来可期

德邦证券股份有...01-03

事件1：2024 年12 月20 日，华润圣火股权转让的相关工商变更登记手续办理完成，公司持有华润圣火51%股权，华润圣火成为公司的控股子公司并纳入公司合并报表范围；事件2： 2024 年12 月30 日，《全国中成药采购联盟集中带量采购拟中选结果公示》（以下简称《结果》）显示，公司注射用血塞通（冻干）、昆药集团血塞通药业股份有限公司（以下简称“血塞通药业”）血塞通滴丸、昆明华润圣火药业有限公司（...

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亿元，净利率高达27%，此次华润圣火正式纳入公司并表范围，不仅增厚公司利润，也低于公司实现公司三七业务战略性、专业化整合，助力公司打造三七产业链标杆企业，进一步提升公司在心脑血管领域产品的市场份额，实现将公司打造成为“银发健康产业引领者、精品国药领先者、老龄健康-慢病管理领导者”的战略目标起到重要作用。此外， 24H1，公司正式推出“777”全新品牌，构建“三七就是777”品牌认知，强化消费者对于血塞通软胶囊有效成分三七总皂苷的认知。在收购圣火后，血塞通软胶囊成为公司事实上的独家品种，未来圣火“理洫王”将与昆药“络泰”一起，共同谱写银发健康产业发展的全新篇章。五年规划稳步推进，核心品种快速放量。公司于十届二十四次董事会决议通过公司战略规划（2024 年-2028 年）：通过内生发展加外延扩张方式，力争2028 年末实现营业收入翻番，工业收入达到100 亿元，致力于成为银发健康产业第一股。核心业务为“老龄健康-慢病管理领域领导者”以及“精品国药领先者”。根据公司规划，其主要抓手为“777”事业部以及“昆中药1381”事业部；24H1，公司“777”事业部下的血塞通软胶囊受益于品牌打造与纯销攻坚，销售创下近年同期历史新高；昆中药1381 事业部打造专属品牌IP，24H1 参苓健脾胃颗粒舒肝颗粒、香砂平胃颗粒三大核心单品合计同比增长 20%以上。我们认为，公司背靠华润，拥有成熟的管理团队，丰富的产品矩阵以及品牌打造经验。未来有望通过品牌赋能，稳步实现五年战略规划，打造银发健康产业第一股。盈利预测与投资评级；考虑到24 年华润圣火已纳入合并报表范围，我们将公司24-26 年盈利预测由 5.4/6.8/8.8 上调至6.1/7.3/8.9 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昆药集团：集采续约平稳落地 圣火并表未来可期

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昆药集团：集采续约平稳落地圣火并表未来可期