东阳光药(1558.HK)继续回落一度跌超9% 此前1个多月累涨超40%
格隆汇11月18日丨流感概念股东阳光药(1558.HK)近日持续回落，盘中一度跌9.17%至42.6港元，现报44.2港元，跌5.76%，暂成交2.02亿港元，最新总市值198.38亿港元。
该股此前自9月底一路上涨至11月初，一度累涨超40%。
2019年11月13日，东阳光药宣布以20.57亿元收购广东东阳光药业(关联企业)目标资产，包括目标产品焦谷氨酸荣格列净、利拉鲁肽及其在中国境内所应附有的全部权益、利益及依法享有的全部权利和应依法承担的全部义务。不过，正值医保价格谈判，有消息称入保药品价格均有不同程度降低，其中糖尿病药品降价幅度巨大，而东阳光药拟收购的这两款产品均为治疗糖尿病用药。
另外，有数据显示，在中国公立医疗机构终端，东阳光药的主要产品集中在全身用抗病毒药，占90.13%，糖尿病用药占比仅为0.08%。
公司此前公布季度财务数据显示：2019年前三季度实现收入44.4亿元（+157.7%，Q3单季收入13.7亿元），归母净利润为15.5亿元（+127.7%，Q3单季净利润4.6亿元），若考虑可转债影响归母净利润为13.2亿元（+93.4%）。前三季度毛利率同比提升1.5pp至85.5%，净利率同比降低4.5pp至35.0%。
光大证券称，公司核心产品受益销售团队持续扩张和基层渗透率增加，实现强劲增长，业绩增速超出市场预期。
另外，一提到东阳光药不得不提他的核心产品。光大证券称，东阳光药的核心产品可威受益于销售团队 持续扩张、基层渗透不断推进，预计实现近40亿元销售，在18年Q3低基数之下实现高增长，超出市场预期。截止 19H1，可威颗粒和胶囊覆盖的基层医疗机构达7万家，覆盖同比增加53%，OTC药房覆盖超10万家。OTC渠道和基层市场已成“可威”重要的新增长点。此外，在19版医保目录调整中，可威报销范围从“仅限甲流确诊病患使用”变动至“高危流感病人可使用”，有望拓宽医保覆盖患者人数。考虑到目前产品竞争格局良好、流感用药渗透率远未及天花板、OTC渠道与基层市场有望齐发力，光大证券预计“可威” 销售有望维持较快增长。
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