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东北证券-九芝堂(000989)经典老字号传承,中药OTC增长可期-230530

中药老字号整装待发,恢复增长活力。九芝堂具有距今超过 350年的历史,连续多年入选中国最有价值品牌 500强。2023年第一季度看,扣除医药商业出表影响,公司实际营收同比增长约为 17%,利润端增速快于营收端,归母净利润实现30%、扣非后归母实现40%以上增长。 中药处方药及 OTC 有望高速增长。 处方药方面: 1)疏血通注射液:过去经历了行业的下滑,当前节点看,中药注射剂不良反应率已明显下降,

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