每經AI快訊，2024年1月3日，長城證券發布研報點評(ping)江中藥業（600750）。

事件：1）2024年1月2日，公(gong)(gong)(gong)司(si)發布《關(guan)于第(di)二期(qi)限制(zhi)(zhi)性股(gu)(gu)票(piao)(piao)激(ji)勵(li)計劃(hua)（草案）摘要的公(gong)(gong)(gong)告(gao)》，本激(ji)勵(li)計劃(hua)擬向(xiang)激(ji)勵(li)對象授(shou)予(yu)不超過763.5萬(wan)(wan)股(gu)(gu)限制(zhi)(zhi)性股(gu)(gu)票(piao)(piao)，占激(ji)勵(li)計劃(hua)草案公(gong)(gong)(gong)告(gao)時公(gong)(gong)(gong)司(si)股(gu)(gu)本總額(e)的1.21%。首次授(shou)予(yu)690.20萬(wan)(wan)股(gu)(gu)，預(yu)留授(shou)予(yu)73.30萬(wan)(wan)股(gu)(gu)。本激(ji)勵(li)計劃(hua)限制(zhi)(zhi)性股(gu)(gu)票(piao)(piao)（含(han)預(yu)留授(shou)予(yu)部分）的授(shou)予(yu)價格為每股(gu)(gu)12.79元。

2）2023年12月27日，公(gong)司發布《關于控(kong)股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)東股(gu)(gu)(gu)(gu)(gu)權結構變(bian)(bian)動(dong)的提(ti)示性(xing)公(gong)告》，公(gong)司控(kong)股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)東的法人股(gu)(gu)(gu)(gu)(gu)東蕪湖(hu)信海潤(run)(run)(run)達(da)投資(zi)合伙企(qi)業（有(you)(you)限(xian)合伙）轉(zhuan)讓(rang)全部股(gu)(gu)(gu)(gu)(gu)權，其(qi)中向華(hua)(hua)(hua)潤(run)(run)(run)醫(yi)藥控(kong)股(gu)(gu)(gu)(gu)(gu)轉(zhuan)讓(rang)其(qi)持(chi)有(you)(you)的華(hua)(hua)(hua)潤(run)(run)(run)江(jiang)中9.2138%股(gu)(gu)(gu)(gu)(gu)權，向江(jiang)西國控(kong)轉(zhuan)讓(rang)其(qi)持(chi)有(you)(you)的華(hua)(hua)(hua)潤(run)(run)(run)江(jiang)中5.2274%股(gu)(gu)(gu)(gu)(gu)權。本次股(gu)(gu)(gu)(gu)(gu)權轉(zhuan)讓(rang)事項完成后，華(hua)(hua)(hua)潤(run)(run)(run)醫(yi)藥控(kong)股(gu)(gu)(gu)(gu)(gu)持(chi)有(you)(you)華(hua)(hua)(hua)潤(run)(run)(run)江(jiang)中60.5494%股(gu)(gu)(gu)(gu)(gu)權，江(jiang)西國控(kong)持(chi)有(you)(you)華(hua)(hua)(hua)潤(run)(run)(run)江(jiang)中34.3525%股(gu)(gu)(gu)(gu)(gu)權。公(gong)司控(kong)股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)東及實際控(kong)制人均未(wei)發生變(bian)(bian)化。

新(xin)一(yi)(yi)輪股權激勵計(ji)(ji)劃推出，強化中高(gao)層(ceng)(ceng)(ceng)骨(gu)干的(de)凝聚力(li)(li)。公司(si)(si)(si)于(yu)(yu)2024年(nian)(nian)1月2日發(fa)(fa)布了股權激勵計(ji)(ji)劃摘要(yao)，考(kao)(kao)核年(nian)(nian)度(du)為2024-2026年(nian)(nian)三個(ge)會計(ji)(ji)年(nian)(nian)度(du)，考(kao)(kao)核目標分(fen)(fen)(fen)為公司(si)(si)(si)和個(ge)人兩個(ge)層(ceng)(ceng)(ceng)面(mian)(mian)。公司(si)(si)(si)層(ceng)(ceng)(ceng)面(mian)(mian)業績考(kao)(kao)核目標主要(yao)圍(wei)繞(rao)投(tou)入(ru)資(zi)本回報率(lv)(lv)、歸母凈利(li)潤(run)復合增(zeng)長(chang)率(lv)(lv)和研(yan)(yan)發(fa)(fa)費用率(lv)(lv)，能夠全面(mian)(mian)客觀(guan)反(fan)映(ying)公司(si)(si)(si)盈利(li)能力(li)(li)、成長(chang)能力(li)(li)和收益質量。公司(si)(si)(si)2024-2026年(nian)(nian)投(tou)入(ru)資(zi)本回報率(lv)(lv)均(jun)應不低(di)于(yu)(yu)13.60%，且不低(di)于(yu)(yu)對標企(qi)業75分(fen)(fen)(fen)位水平(ping)(ping)或同(tong)行(xing)業平(ping)(ping)均(jun)值(zhi)；歸母凈利(li)潤(run)以(yi)2022年(nian)(nian)為基(ji)數(shu)，2024-2026年(nian)(nian)歸母凈利(li)潤(run)年(nian)(nian)復合增(zeng)長(chang)率(lv)(lv)均(jun)應不低(di)于(yu)(yu)9.00%，且不低(di)于(yu)(yu)對標企(qi)業75%分(fen)(fen)(fen)位水平(ping)(ping)或同(tong)行(xing)業平(ping)(ping)均(jun)值(zhi)；2024-2026年(nian)(nian)研(yan)(yan)發(fa)(fa)費用率(lv)(lv)分(fen)(fen)(fen)別不低(di)于(yu)(yu)3.90%/3.91%/3.92%。2022年(nian)(nian)公司(si)(si)(si)研(yan)(yan)發(fa)(fa)費用率(lv)(lv)為2.62%，2023年(nian)(nian)上半年(nian)(nian)公司(si)(si)(si)基(ji)于(yu)(yu)經典(dian)(dian)名方現代中藥創制科研(yan)(yan)平(ping)(ping)臺，有序推進業務優(you)勢領(ling)域相關的(de)經典(dian)(dian)名方研(yan)(yan)究(jiu)，持續開展(zhan)公司(si)(si)(si)及子公司(si)(si)(si)特色品種的(de)二次開發(fa)(fa)、中藥新(xin)藥研(yan)(yan)究(jiu)等。我們預計(ji)(ji)2024年(nian)(nian)隨著公司(si)(si)(si)收入(ru)規(gui)模的(de)擴大，銷售(shou)費用率(lv)(lv)、管理費用率(lv)(lv)有望進一(yi)(yi)步下(xia)調，加大研(yan)(yan)發(fa)(fa)投(tou)入(ru)為公司(si)(si)(si)長(chang)期發(fa)(fa)展(zhan)奠(dian)基(ji)。個(ge)人層(ceng)(ceng)(ceng)面(mian)(mian)業績考(kao)(kao)核分(fen)(fen)(fen)為三檔，90（含）分(fen)(fen)(fen)以(yi)上、70（含）分(fen)(fen)(fen)-90分(fen)(fen)(fen)、70分(fen)(fen)(fen)以(yi)下(xia)分(fen)(fen)(fen)別解(jie)除限售(shou)比例100%、80%、0%。個(ge)人層(ceng)(ceng)(ceng)面(mian)(mian)和公司(si)(si)(si)層(ceng)(ceng)(ceng)面(mian)(mian)相結合，利(li)于(yu)(yu)強化中高(gao)層(ceng)(ceng)(ceng)骨(gu)干得凝聚力(li)(li)。

國(guo)資增(zeng)持(chi)(chi)(chi)彰顯長(chang)期(qi)發(fa)展(zhan)信心，“華(hua)(hua)(hua)(hua)潤(run)(run)+江(jiang)西(xi)國(guo)資委(wei)”雙(shuang)重賦能(neng)。2023年12月27日，公(gong)司(si)發(fa)布《關于控(kong)(kong)股(gu)股(gu)東(dong)股(gu)權(quan)結構變(bian)動的提示性公(gong)告(gao)》，本(ben)次(ci)股(gu)權(quan)轉(zhuan)讓事項完成后，華(hua)(hua)(hua)(hua)潤(run)(run)醫(yi)藥控(kong)(kong)股(gu)持(chi)(chi)(chi)有華(hua)(hua)(hua)(hua)潤(run)(run)江(jiang)中60.5494%股(gu)權(quan)，江(jiang)西(xi)國(guo)控(kong)(kong)持(chi)(chi)(chi)有華(hua)(hua)(hua)(hua)潤(run)(run)江(jiang)中34.3525%股(gu)權(quan)。公(gong)司(si)控(kong)(kong)股(gu)股(gu)東(dong)及實(shi)際控(kong)(kong)制人均未(wei)發(fa)生(sheng)變(bian)化。收購總價格(ge)約為(wei)(wei)8.10億(yi)元(yuan)，其中華(hua)(hua)(hua)(hua)潤(run)(run)醫(yi)藥支(zhi)付約5.17億(yi)元(yuan)，江(jiang)西(xi)國(guo)控(kong)(kong)支(zhi)付約2.93億(yi)元(yuan)。本(ben)次(ci)轉(zhuan)讓比例是按照原(yuan)有持(chi)(chi)(chi)股(gu)比例的相(xiang)對持(chi)(chi)(chi)股(gu)比例，華(hua)(hua)(hua)(hua)潤(run)(run)醫(yi)藥與江(jiang)西(xi)國(guo)控(kong)(kong)的轉(zhuan)讓比例為(wei)(wei)1.76。我(wo)們認為(wei)(wei)，國(guo)資增(zeng)持(chi)(chi)(chi)利于公(gong)司(si)控(kong)(kong)制權(quan)進(jin)一步(bu)提升，彰顯長(chang)期(qi)發(fa)展(zhan)信心。公(gong)司(si)內部(bu)堅持(chi)(chi)(chi)“內生(sheng)+外延”雙(shuang)輪驅動，外部(bu)受益“華(hua)(hua)(hua)(hua)潤(run)(run)+江(jiang)西(xi)國(guo)資委(wei)”雙(shuang)重賦能(neng)。

投資建議：江中藥業是(shi)優(you)質(zhi)的品牌OTC企業，聚焦胃腸(chang)領(ling)域，補充完(wan)善咽喉咳喘、補益、康(kang)復、營(ying)養(yang)等品類(lei)，通(tong)過“內生+外延”雙輪驅動，積極探(tan)索線上渠道。我(wo)們看好(hao)公司未來(lai)通(tong)過品類(lei)擴張和渠道加強(qiang)帶來(lai)的營(ying)收增長(chang)(chang)和華潤管理體系下的協同(tong)優(you)化(hua)。預計公司2023-2025年實(shi)現營(ying)收43.22/51.33/60.24億元(yuan)，分(fen)別同(tong)比(bi)增長(chang)(chang)13%/19%/17%；實(shi)現歸母凈利潤7.02/8.18/9.53億元(yuan)，分(fen)別同(tong)比(bi)增長(chang)(chang)18%/17%/16%；對應(ying)PE估值分(fen)別為17/15/12X，維持“增持”評級。

風(feng)險(xian)提示：宏觀經濟波動(dong)(dong)風(feng)險(xian)；政(zheng)策風(feng)險(xian)；行業競爭加劇；成本波動(dong)(dong)風(feng)險(xian)；產品推廣不及預(yu)期；研(yan)發(fa)風(feng)險(xian)。

(來源：慧博投研)

免責聲明：本文內容與數據僅供參(can)考，不構(gou)成投資建議，使用(yong)前請核實。據此操作(zuo)，風(feng)險自擔。

(編輯 趙橋)