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1、、2021年报及2022年一季报综述截至2022年4月30日，上市公司2021年报和2022年一季报披露完毕，我们对医药板 块相关公司的收入和利润情况进行了详细梳理（共收录了 427家医药上市公司，并对康 美药业等亏损额巨大异常值公司进行了剔除）。2021年，医药板块可比公司整体收入增速为14.15%,归母净利润增速为23.55%,扣非 净利润增速为27.16%o 2022年一季度，医药板块可比公司整体收入增速为14.60%,归 母净利润增速为27.00%,扣非净利润增速为36.82%o纵观整个医药板块，我们认为2021年年报和2022年一季度能够实现持续高速增长的主 要原因包括：1）全球疫情
2、的不断反复，对检测、疫苗、治疗性药物及供应链的需求形成 了极其显著的拉动，对板块整体业绩的帮助较大；2）医药产品刚需下较强。尽管疫情散 发存在一定的扰动，但板块优质企业尤其是龙头企业依托于综合竞争力的优势，普遍仍 兑现出较好的业绩成长。图表1医药行业收入和利润规模Wind,板块划分收入（亿元）归母净利润（亿元）扣非净利润（亿元）2021A2022Q12021A2022Q12021A2022Q1制药工业1031126631098317865309医疗器械25411014679378628372医药商业894123041884916347医疗服务70719552175316总计2249961762
3、0187601709745图表2医药行业收入和利润增速板块划分收入增速归母净利润增速扣非净利润增速2021A2022Q12021A2022Q12021A2022Q1制药工业14.39%9.44%32.87%2.53%40.38%9.90%医疗器械19.29%55.54%17.93%72.97%15.48%78.29%医药商业11.58%7.01%3.58%-19.06%7.55%7.71%医疗服务27.72%28.97%6.37%56.23%63.86%52.91%总计14.15%14.60%23.55%27.00%27.16%36.82%Wind,二、制药工业：政策及疫情扰动下整体业绩表现靓
4、丽(四)化学仿制药在国内市场，带量采购及其他控费政策均对化学仿制药领域构成了一定的冲击。不过从 2021年起，随着外企主攻非集采市场的战略思路逐步明确、中标企业家数的设定越来越 友好，我们已经看到了政策温和化的趋势。从统计数据来看，化学仿制药企业的业绩也 在2021年实现了较为不错的恢复性增长。1) 2021年，化学仿制药板块收入增速为7.18%,归母净利润增速为37.49%,扣非净利 润增速为40.15%；2) 2022年一季度，受疫情散发的影响，化学仿制药板块收入和利润增长有所放缓，其 中收入增速为3.20%,归母净利润增速为-0.23%,扣非净利润增速为12.27%。图表9化学仿制药板块
5、财务指标Wind,工程2020A2021A变动幅度2021Q12022Q1变动幅度2021A同比2019A复合增速收入增速-7.19%7.18%14.37%15.02%3.20%-11.82%-0.27%归母净利润增速9.62%37.49%27.87%19.81%-0.23%-20.04%22.77%扣非净利润增速9.82%40.15%30.33%29.46%12.27%-17.19%24.06%图表10化学仿制药公司业绩情况证券简称21收入增速22Q1收入增速21归母增速22Q1归母增速21扣非增速22Q1扣非增速丰原药业5.43%11.43%10.49%31.04%21.38%0.59%丽
6、珠集团14.67%3.86%3.54%6.47%13.66%15.61%海南海药-6.42%1.54%168.08%-88.31%55.55%-41.59%东北制药10.30%16.49%707.93%76.65%218.05%36.55%通化金马36.31%-6.64%-109.81%42.19%-104.82%360.91%北大医药13.12%-5.91%10.11%-48.38%-2.44%-47.04%德展健康-23.72%-8.87%-120.24%-52.56%-150.95%-52.00%景峰医药-7.60%50.08%-84.68%-87.88%-65.77%-105.64%华
7、特达因11.32%23.74%30.78%43.18%33.51%45.80%中关村9.29%16.71%-547.94%-1.53%-902.91%-10.43%华东医药2.61%0.40%-18.38%-7.12%-9.91%0.39%华邦健康13.63%20.56%2.81%38.67%7.23%34.49%亿帆医药-18.36%-24.53%-71.25%-8.30%-74.41%-31.90%京新药业2.39%6.03%-5.98%6.11%15.49%28.91%恩华药业17.09%9.79%9.46%12.45%9.59%12.69%信立泰11.68%22.11%776.90%5
8、3.09%7237.88%22.88%亚太药业-38.80%-13.51%-936.96%20.59%66.91%-29.03%力生制药-4.29%-6.45%1317.31%16.36%4752.37%18.57%科伦药业4.94%7.97%32.94%66.08%65.14%70.52%长江健康3.05%-13.44%-266.74%-29.51%-493.52%-53.83%誉衡药业2.96%9.78%-88.74%-95.44%-91.36%49.76%千红制药12.43%41.16%-237.16%135.93%-24.18%55.75%海思科-16.71%-22.81%-45.80
9、%-90.88%-75.91%-66.66%东诚药业14.42%-1.18%-63.72%-17.90%-66.96%-16.56%奥赛康-17.87%-42.51 %-47.35%-89.14%-51.50%-90.90%罗欣药业6.27%24.95%25.99%-48.11%20.06%-48.27%易明医药20.38%17.84%3.37%62.16%21.29%58.07%赛隆药业104.73%-8.91%-65.28%-37.93%-59.05%-280.88%哈三联-29.36%11.52%1096.77%-100.21%601.82%-129.35%润都股份-5.01%-0.43
10、%2.87%8.79%11.33%9.38%立方药20.01%14.48%27.47%13.04%28.75%9.53%莱美药业-22.63%-44.85%-69.24%-153.99%-62.71%600.34%北陆药业2.00%-17.18%-28.46%-22.18%-38.36%-26.73%华仁药业18.55%12.27%37.81%0.86%38.93%9.34%振东制药5.07%-31.27%898.92%-90.63%-25.93%-96.01%福安药业3.58%-14.88%-241.81%-39.44%-273.59%-42.97%翰宇药业1.97%-6.36%-105.0
11、6%-345.70%-36.01%-10.33%仟源医药9.70%-14.05%-65.15%-251.26%-53.82%30.75%常山药业25.56%-19.18%-7.62%-56.75%-10.72%-58.57%金石亚药35.53%-16.42%-109.67%-15.62%-108.15%-18.44%兴齐眼药49.26%45.73%121.31%123.36%117.09%129.14%海辰药业-18.12%-7.15%417.61%-6.58%-54.66%-7.46%普利制药26.94%34.58%2.25%33.44%6.69%25.53%九典制药66.40%61.47%
12、148.29%20.49%167.87%47.20%一品红31.26%0.18%36.04%17.27%24.95%10.20%多瑞医药8.05%-40.23%-25.53%-59.10%0.15%-92.62%粤万年青2.59%-5.01%-8.54%27.41%-2.99%-5.22%西点药业-0.23%-14.66%4.58%-25.22%6.06%-18.43%泰恩康-7.80%30.81%-25.34%210.80%-29.13%443.40%华润双鹤7.14%4.59%-6.91%15.99%-9.56%19.48%人福医药0.35%10.48%20.99%209.95%41.39
13、%20.57%江苏吴中-5.14%-18.42%-104.49%-91.98%-46.05%147.52%健康元17.62%12.36%18.57%25.52%26.72%36.47%国药现代11.06%-17.42%-12.41%-64.83%-3.72%-69.56%天药股份20.27%5.09%43.23%-11.30%-29.46%-11.19%联环药业18.74%21.79%15.38%19.58%14.56%16.15%神奇制药26.61%6.41%-120.41%7.64%-111.21%4.63%复旦复华10.74%-12.19%76.72%31.45%105.48%-70.2
14、1%哈药股份18.66%11.88%-134.43%21.21%-130.34%88.58%Wind,东阳光23.40%8.88%110.26%1222.96%-320.90%-2006.25%ST辅仁-46.62%-29.30%38.92%360.83%-23.09%-鲁抗医药16.30%1.80%-63.71%-7.02%242.81%-45.67%华北制药-9.64%-6.25%-80.76%-123.92%-20.54%-112.01%海欣股份62.03%19.10%10.64%15.38%14.69%6.64%莎普爱思75.80%-2.48%-119.88%163.64%-114.6
15、4%21.38%辰欣药业2.95%-0.45%-23.85%-10.99%-26.38%-12.07%灵康药业-26.04%-54.01%-58.83%-41.44%-56.37%-47.59%卫信康44.43%51.62%64.16%109.71%105.46%107.14%健友股份26.48%33.24%31.41%20.96%33.47%23.68%诚意药业-8.46%-6.75%3.42%-36.91%4.48%-33.58%圣诺生物2.05%-13.44%2.09%22.64%12.38%2.79%苑东生物10.96%21.56%30.46%24.28%21.50%23.99%汇宇制
16、药.W33.69%9.18%29.87%-11.49%26.22%-17.37%吉贝尔-9.94%15.61%-11.42%5.95%-18.34%10.44%华纳药厂20.61%23.12%10.85%1.83%10.90%10.94%梓槿宫16.06%10.75%27.00%83.70%37.65%1.49%德源药业29.56%24.25%21.67%35.11%11.81%16.91%（五）中药中药板块总体平稳增长，2021年板块收入同比增速为9.31%,扣非净利润同比增速为 12.30%； 22Q1板块收入同比增速为2.5%,扣非净利润同比增速为1.76%。值得特别关注的是，近年来国家
17、对中医药产业的支持力度不断强化，实施细节逐步清晰。 从年报一季报来看，片仔演、同仁堂、华润三九、东阿阿胶等龙头均取得了较好的业绩 增长，其他局部中小市值企业也呈现出较好的增速。建议着重关注政策持续支持下中药 板块的后续经营趋势变化。图表11中药板块财务指标Wind,工程2020A2021A变动幅度2021Q12022Q1变动幅度2021A同比2019A复合增速收入增速-2.47%9.31%11.78%20.21%2.50%-17.71%3.25%归母净利润增速17.02%9.10%-7.92%20.78%-5.71%-26.49%12.99%扣非净利润增速16.35%12.30%-4.05%3
18、2.01%1.76%-30.24%14.30%图表12中药公司业绩情况证券简称21收入增速22Q1收入增速21归母增速22Q1归母增速21扣非增速22Q1扣非增速华润三九12.34%2.81%28.13%30.45%38.81%27.96%以岭药业15.19%-25.80%10.27%-28.22%8.60%-26.67%康芝药业-9.23%-40.90%17.65%54.76%-296.96%60.29%广生堂0.53%1.68%-335.33%-615.90%-3232.55%1075.93%圣济堂13.21%30.88%-193.28%-381.94%-265.56%-397.66%悦康
19、药业14.45%2.48%23.34%-9.58%30.17%-14.92%东阿阿胶12.89%21.40%917.43%86.01%-992.97%104.93%云南白药11.09%-8.70%-49.17%19.81%15.17%-3.34%启迪药业9.34%20.43%55.96%-38.90%20.37%32.03%仁和药业20.21%10.90%16.94%3.77%12.97%-1.84%华神科技24.50%39.11%87.51%-19.48%50.08%-33.59%金陵药业12.18%-1.22%85.19%12.12%-15.53%7.81%九芝堂6.31%4.40%-0.
20、59%15.58%-3.67%11.05%吉林敖东2.31%21.55%4.19%-84.85%12.41%-40.97%沃华医药-6.30%2.73%-8.66%-47.11%-6.90%-47.41%莱茵生物34.40%27.76%37.74%78.44%58.95%128.35%嘉应制药5.50%-1.13%-92.55%-67.34%-98.59%-65.43%桂林三金11.15%20.32%24.08%22.92%3.26%20.36%奇正藏药19.93%25.05%76.45%-15.81%0.13%16.38%众生药业28.13%9.73%-165.08%31.41%-147.6
21、6%12.49%精华制药5.97%22.19%44.78%17.96%29.95%10.17%信邦制药10.71%8.10%57.25%1.80%45.74%6.02%汉森制药20.32%5.72%27.04%13.32%35.13%14.08%贵州百灵0.77%-1.91%-18.49%4.55%11.59%12.62%益盛药业4.19%-1.55%19.94%-1.93%27.72%-15.81%佛慈制药22.39%33.50%-13.66%-6.96%226.03%109.05%特一药业19.83%-0.02%189.66%9.59%231.11%46.49%葵花药业28.86%-1.5
22、0%20.58%-2.96%28.31%-5.60%龙津药业176.55%-76.92%-73.81%-68.43%307.95%-632.67%盘龙药业32.40%13.70%17.77%13.21%29.34%5.85%新天药业29.15%16.10%35.76%21.73%32.21%19.55%华森制药-4.12%-11.75%-22.99%-19.53%-9.56%-21.78%红日药业18.22%5.70%19.87%23.34%33.92%6.29%上海凯宝21.21%1.15%32.03%0.70%31.63%1.54%香雪制药-3.30%-22.41%-799.51%-320
23、.85%-599.12%-503.90%佐力药业33.60%29.18%102.03%56.97%106.37%55.77%新光药业13.35%6.01%15.46%9.85%20.47%8.76%陇神戎发12.91%12.42%-597.30%219.22%555.87%-137.67%维康药业1.64%38.96%-28.95%13.06%-22.40%1.43%金花股份-20.08%11.61%-148.12%22.92%38.31%142.05%同仁堂13.86%6.67%19.00%25.61%19.52%25.14%太极集团8.40%6.28%-891.88%-20.03%25.6
24、0%104.64%西藏药业55.75%32.74%-50.03%11.13%-81.74%27.68%太龙药业13.23%1.52%-79.50%-91.33%159.11%-92.25%中恒集团-14.00%-44.54%-45.47%-52.44%-82.77%-45.97%羚锐制药15.52%15.73%11.08%35.41%18.46%15.99%中新药业4.60%3.42%16.24%-6.27%16.88%-2.63%白云山11.90%2.46%27.60%10.95%25.83%10.85%亚宝药业6.21%-12.47%74.25%10.28%126.80%16.00%昆药集
25、团6.95%24.71%11.12%-41.27%-15.13%21.47%片仔痛23.20%17.30%45.46%21.93%51.40%20.78%千金药业1.02%4.44%1.68%5.43%-2.05%-3.38%天土力-41.43%5.97%109.51%-272.52%-26.84%-8.79%康缘药业20.34%25.16%21.92%30.94%8.33%34.69%济川药业23.77%13.43%34.60%32.36%26.15%22.90%康恩贝4.09%0.23%343.24%112.25%872.16%58.49%益佰制药-1.95%-16.60%6.56%-28
26、.79%-1.30%-28.01%江中药业17.72%37.38%6.74%15.28%-4.58%21.20%广誉远-23.00%25.16%-1088.17%50.06%3943.15%610.56%健民集团33.48%9.10%119.73%25.95%118.56%20.39%马应龙21.26%10.24%10.87%17.30%31.96%15.39%康惠制药6.93%21.68%6.94%-3.44%-42.95%8.51%贵州三力48.99%22.86%62.08%1.23%45.25%-4.54%珍宝岛21.08%38.22%-23.88%1.72%-77.92%14.79%步
27、长制药-1.52%-4.49%-30.72%5.91%-30.31%-29.70%寿仙谷20.61%16.99%32.37%43.07%45.19%48.89%大理药业-19.71%-18.74%-1396.25%-1791.60%3222.54%206.11%方盛制药22.54%25.49%9.79%45.42%30.77%16.95%葫芦娃16.53%29.40%-40.63%26.22%-38.00%31.09%生物谷25.45%24.71%11.41%-94.85%36.42%-48.94%大唐药业8.25%-25.62%1.81%-45.09%9.23%-59.02%Wind,(六)
28、疫苗2021年和2022年一季度，疫苗板块在智飞生物、万泰生物等龙头企业的拉动下，整体 增长强劲。1) 2021年，疫苗板块收入增速为41.41%,归母净利润增速为69.18%,扣非净利润增速 为 102.47%；2022年一季度，疫苗板块收入增速为40.10%,归母净利润增速为20.58%,扣非净利润增速为39.19%；2021年是新冠疫苗接种的高峰，新冠疫苗相关企业收入及利润显著增加。随着新冠病毒 长期共存趋势逐渐确立，新的变异株仍然在不断出现，短期国内序贯加强及未来常规接 种需求有望延续，建议继续紧密关注各家企业新冠变异株及新技术路线疫苗研发进展。而HPV、十三价肺炎等非新冠疫苗在过去2
29、年仍然保持了快速增长的趋势，整体估值水 平也已经较为适宜，预计市场关注度有望逐步从疫情受益转回到长期需求。图表13疫苗板块财务指标Wind,工程2020A2021A变动幅度2021Q12022Q1变动幅度2021A同比2019A复合增速收入增速17.04%41.41%24.37%40.43%40.10%-0.32%28.65%归母净利润增速56.54%69.18%12.64%79.98%20.58%-59.40%62.74%扣非净利润增速40.89%102.47%61.58%95.91%39.19%-56.72%68.89%图表14疫苗公司业绩情况证券简称21收入增速22Q1收入增速21归母增
30、速22Q1归母增速21扣非增速22Q1扣非增速智飞生物101.79%125.16%209.23%104.95%206.48%101.15%万泰生物144.25%284.85%198.59%360.18%215.32%367.75%沃森生物17.82%51.27%-57.36%20.09%-17.33%29.95%康泰生物61.51%214.60%86.01%987.71%91.90%2763.78%康华生物24.44%12.48%103.28%34.60%37.80%24.60%华兰疫苗-24.59%32.67%-32.86%-79.39%-34.88%-67.39%辽宁成大8.43%-10.
31、38%-22.08%-48.29%102.65%-46.93%康希诺17174.53%6.98%-582.65%-960.22%-451.44%-511.46%百克生物-16.60%-44.27%-41.77%-68.76%-41.87%-69.05%欧林生物52.18%-15.61%198.82%-133.30%253.54%-134.51%金迪克-33.41%-58.50%-46.79%-50.11%-59.34%3.19%成大生物4.63%-38.46%-2.80%-46.16%2.13%-53.21%复星医药28.70%28.87%29.28%-45.41%20.60%21.73%Wi
32、nd,(七)血制品及其他生物制品2021年和2022年一季度，血制品及其他生物制品板块整体维持较快增长状态。1) 2021年，血制品及其他其他生物制品板块收入增速为16.85%,归母净利润增速为 23.55%,扣非净利润增速为19.58%；2) 2022年一季度，血制品及其他生物制品板块收入增速为17.46%,归母净利润增速为 25.86%,扣非净利润增速为14.25%；图表15血制品及其他生物制品板块财务指标工程2020A2021A变动幅度2021Q12022Q1变动幅度2021A同比2019A复合增速收入增速-5.35%16.85%22.20%19.18%17.46%-1.73%5.16%
33、归母净利润增速4.39%23.55%19.17%43.05%25.86%-17.20%13.56%扣非净利润增速3.42%19.58%16.17%45.76%14.25%-31.51%11.21%Wind,在血制品及其他生物制品企业中：1）长春高新依托于生长激素的快速放量，仍保持高速增长状态；2）血制品企业总体增长稳健图表16血制品及其他生物制品公司业绩情况证券简称21收入增速22Q1收入增速21归母增速22Q1归母增速21扣非增速22Q1扣非增速四环生物-30.56%-28.96%-227.46%75.43%-233.33%75.23%万泽股份18.77%-1.75%24.20%-25.88
34、%254.69%-40.92%长春高新25.30%30.40%23.33%30.16%26.76%28.69%双鹭药业9.17%8.59%16.79%-31.07%73.33%10.83%未名医药45.47%5.84%-238.31%-92.48%-240.62%-102.52%双成药业18.87%-12.57%-61.89%-121.62%-32.40%-4.05%安科生物27.47%10.01%-42.44%37.67%-50.08%33.97%舒泰神37.41%6.83%3.29%22.61%-2.68%20.84%东宝生物36.39%65.13%97.74%412.53%127.03%
35、891.02%我武生物26.95%20.00%21.38%30.21%20.78%27.68%赛升药业-3.97%-17.60%159.69%151.23%-15.57%-39.04%海特生物17.28%5.31%-210.50%-47.07%-113.25%-100.33%优宁维30.69%2.43%42.15%1.81%42.30%0.19%诺思兰德37.21%86.49%103.41%76.01%113.44%47.05%南京新百9.19%-5.27%45.19%-23.92%51.06%-26.52%通化东宝12.99%7.85%40.69%146.90%15.68%15.63%甘李药
36、业7.44%25.77%18.04%-40.39%11.51%47.57%康辰药业0.14%-25.99%-19.29%-27.89%-24.03%-88.74%科兴制药5.32%-2.65%-30.67%-37.49%-65.85%-36.87%赛伦生物12.47%12.04%21.07%15.87%23.06%12.22%特宝生物42.61%60.16%55.44%67.90%77.36%92.45%三生国健41.80%3.34%-108.30%-101.12%-96.19%-85.94%三元基因9.67%-13.12%12.38%18.72%-0.67%18.44%南华生物-10.79%
37、95.64%-334.54%-83.29%-619.46%-112.05%派林生物87.80%75.67%110.29%87.24%61.43%103.83%华兰生物-11.69%2.77%-19.48%-7.49%-18.71%-0.04%上海莱士55.26%97.32%-2.21%28.63%3.96%27.06%卫光生物0.32%-0.62%7.90%-6.13%6.88%-5.76%考虑到许多医药企业的产业线已较为丰富，且业务横跨几个细分领域的情况已较为普遍, 我们将CRO、CDMO、化学制剂、化学原料药、生物制品、中药等合并为“制药工业” 进行分析。从统计数据来看，尽管存在带量采购等
38、政策影响，但制药工业领域的上市公 司仍实现了非常靓丽的业绩表现，局部领域如CXO、疫苗等业绩表现尤其突出：博雅生物5.47%4.89%32.48%2.80%18.00%9.58%天坛生物19.35%-16.80%18.94%-17.50%21.12%-22.83%Wind,三、医疗器械：高基数上仍实现较好增长，新冠抗原检测试剂快速放量在新冠疫情下，新冠核酸检测试剂、口罩、防护服、额温枪、监护仪、呼吸机、便携超、 移动DR等医疗器械产品普遍出现了需求井喷，使得医疗器械板块从2020年开始呈现爆 发式增长的态势。2021年以来，随着防疫产品供需关系趋向缓和，局部防疫产品价格从高位回落导致相关 企业
39、收入下降；但是新冠抗原检测试剂销售放量和常规业务的恢复性增长带动医疗器械 板块在2021年和2022年一季度的收入端和利润端仍实现较快增长。此外，龙头企业迈 瑞医疗的持续稳健增长对板块的增长也有较好贡献。1) 2021年，医疗器械板块收入增速为19.29%,归母净利润增速为17.93%,扣非净利润 增速为15.48%；2) 2022年一季度，医疗器械板块收入增速为55.54%,归母净利润增速为72.97%,扣非 净利润增速为78.29%o此次疫情中，国内许多医疗器械企业，在资金储藏、全球销售渠道、品牌等层面均得到 了大幅强化，除短期获益外也进一步强化了企业的中长期竞争力，优质器械企业的内生 增长潜力值得关注。图表17医疗器械板块财务指标Wind,工程2020A