中信证券--医药行业.pdf

文档介绍：㸠Ϯ๲䗳᳝᠔ᬒ㓧
Ⲝ߽㛑࡯ҡ໘催ԡ
㸠Ϯ䞡໻џ乍⚍䆘
ए㥃㸠Ϯए㥃⫳⠽g㸠ϮⷨおᔎѢ໻Ꮦ˄㓈ᣕ˅
2008 ᑈ 12 ᳜ 29 ᮹
ߚᵤᏜ
" ྮᵄ" 䌎㦞乪
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џ乍˖
䖥ᳳˈ㒳䅵ሔথᏗњ 1-11 ᳜ए㥃㸠Ϯ㒣㧹᭄᥂DŽ៥Ӏᇍℸ⚍䆘བϟ˖
䆘䆎˖
™ 㸠Ϯ๲䗳᳝᠔ᬒ㓧ˈԚⲜ߽㛑࡯ҡ໘Ѣ催ԡ
㒳䅵᭄᥂ᰒ⼎ˈ2008 ᑈࠡ 11 Ͼ᳜ए㥃ࠊ䗴Ϯⱘᬊܹǃ㧹Ϯ߽⍺ǃ߽⍺ᘏ乱ߚ߿ৠ↨๲䭓 26%ǃ32%ǃ29%˄ࠨ䰸
ॳ᭭㥃ᄤ㸠Ϯ䅵ㅫⱘᬊܹ੠߽⍺ᘏ乱๲䗳Ў 28%੠ 26%˅DŽᇍ↨Ҟᑈࠡ 8 Ͼ᳜ⱘ᭄᥂˄ᬊܹǃ㧹Ϯ߽⍺ǃ߽⍺ᘏ乱ߚ
ˈ߿ৠ↨๲䭓 28%ǃ42%ǃ39%˅ˈ㸠Ϯᭈԧ๲䗳᳝᠔ᬒ㓧DŽܼ㸠Ϯ⿢߽ࠡ⍺⥛ %˄ग़৆᳔催ؐߎ⦄೼Ҟᑈࠡ 8 Ͼ᳜
䖒ࠄ %˅ˈҡ໘Ѣ䕗催ⱘ∈ᑇDŽ
೒ 1˖2005-2008 ᑈ 11 ᳜ए㥃ࠊ䗴Ϯ㒣㧹ᚙމ
ए㥃ࠊ䗴㸠Ϯ㌃䅵䫔ଂᬊܹঞৠ↨๲䭓⥛ए㥃ࠊ䗴㸠Ϯ㌃䅵߽⍺ᘏ乱ঞৠ↨๲䭓⥛ए㥃ࠊ䗴㸠Ϯ㌃䅵⿢߽ࠡ⍺⥛
    
    

  
 
  

   

 
  ৠ↨๲䭓⥛˄˅
㌃䅵߽⍺ᘏ乱˄ғܗ˅
  ㌃䅵⿢߽ࠡ⍺⥛˄˅
ৠ↨๲䭓⥛˄˅᳆㒓 

㌃䅵䫔ଂᬊܹ˄ғܗ˅᷅ᔶ  ᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜
᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜᳜
ᑈᑈᑈᑈ
ᑈᑈᑈᑈ
ᑈᑈᑈᑈ
ᑈᑈᑈᑈᑈᑈᑈᑈ
䌘᭭ᴹ⑤˖ढ䗮Ҏଚ⫼ֵᙃˈЁֵ䆕ࠌⷨお䚼
㸼 1˖2008 ᑈ৘ᄷᑺए㥃ࠊ䗴Ϯ㒣㧹ᚙމ
 1-2 ᳜ 1-5 ᳜ 1-8 ᳜ 1-11 ᳜
ᬊܹ๲䭓⥛ 30% 27% 28% 26%
߽⍺ᘏ乱๲䭓⥛ 51% 41% 39% 29%
 1-2 ᳜ 3-5 ᳜ 6-8 ᳜ 9-11 ᳜
ᬊܹ๲䭓⥛ 30% 25% 30% 22%
߽⍺ᘏ乱๲䭓⥛ 51% 37% 36% 10%
䌘᭭ᴹ⑤˖ढ䗮Ҏଚ⫼ֵᙃˈЁֵ䆕ࠌⷨお䚼
㸼 2˖2008 ᑈ 1-11 ᳜ए㥃ࠊ䗴Ϯঞ݊ᄤ㸠ϮᑨᬊᏤℒ੠ѻ៤ક๲䭓ᚙމ
ᑨᬊᏤℒ˄ғܗ˅ৠ↨๲䭓˄%˅ѻ៤ક˄ғܗ˅ৠ↨๲䭓˄%˅
ए㥃ࠊ䗴Ϯ 1018 5277
࣪ᄺॳ᭭㥃 205 1404
࣪ᄺࠊࠖ 343 1571
Ё㥃佂⠛ 46 290
Ё៤㥃 255 1191
⫳⠽ࠊࠖ 101 415